Secondaries

Idiosyncrasies in fund structuring, tax and regulation create distinctive tests for buyers and sellers considering GP-led processes in Japan.

Japan’s private markets brace for greater levels of interest.

Active primary fund investing and increasing LP appetite for co-investments, secondaries and direct lending are indicative of Japan’s maturing private markets landscape, say Neuberger Berman’s Jonathan Shofet and Yoshi Yagisawa.

Hollyport closed its eighth flagship fund, along with its first-ever co-investment vehicle, at the end of 2022 on more than $2.2bn.

From Korean VC to Southeast Asia growth funds, Trinity Church Wall Street is seeking managers on an upwards trajectory as it pushes deeper into PE, according to its managing director for investments.

Continuation fund will hold Wellspring portfolio companies SupplyOne, Cadence and Pentec Health, and includes $125m of unfunded capital for growth.

Shin Kong Life's portfolio sale comes just weeks after Cathay Life sold $1.2bn of fund stakes to HarbourVest, as impending regulatory changes prompt insurers to rethink their private markets exposure.

The deal comes as LP secondaries sales keep steady and drive activity with strong pricing and sellers eager to capture liquidity from private equity portfolios.

Secondaries advisory has become a desired function at investment banks, and many smaller, mid-market focused financial institutions brought on secondaries talent in recent years.

The continuation fund for global life science ingredients distributor Barentz is understood to be around €850m in size.