Secondaries

PEI caught up with fundraising experts to discuss Asia-Pacific reallocations, tricky re-ups and incentives managers will use to lure investors this year.

PEI’s Spotlight podcast was downloaded more than 132,000 times in 2023, with the most popular episodes including conversations with secondaries leaders and discussions about high interest rates.

In 2023, continuation funds spread to geographic markets anew and niche strategies such as impact funds, while increasingly involving complex situations and assets.

Leonard Green’s deal is among a slew of GP-led processes that have found their way to final closings despite tougher market conditions and pickier buyers.

Lead investors on Hellman & Friedman’s deal are Ardian, HarbourVest Partners and Hamilton Lane, sources said.

The firm has been in conversations with certain LPs about bringing Fund VI to market, likely next year, sources said.

Hazman Hilmi Sallahuddin, CIO of Malaysia's $39bn Kumpulan Wang Persaraan, tells PEI what exposure it wants to add to drive higher, more sustainable returns.

Investors remain bullish on the long-term outlook for private versus public markets investing in the face of high interest rates and inflationary pressures, according to PEI’s LP Perspectives 2024 Study.

Strip sales, along with tender offers, structured/preferred equity and secondary directs, represented around 20% of the about $18bn in GP-led volume in the first half.

Not only are LPs looking to commit capital to the strategy, there is also increasing demand for GP-led exposure.