Secondaries

EQT invested in Waystar in 2019 alongside CPPIB, while Bain Capital retained a minority stake in the company.

The asset manager will pursue yuan-denominated LP-led and GP-led transactions from a discretionary pool of client capital, Asia co-head Mingchen Xia tells PEI.

The LP portfolio sale was among a slew of such deals launched since last year that managed to close despite pricing uncertainty and hesitation among LPs to sell at discounts.

A traditional source of tension with LPs, GPs are finding an outlet for cross-fund investments in continuation fund deals.

The transfer to its CS First Boston unit comes amid a turnaround plan from October that seeks to centre the Swiss bank’s operations around wealth management.

Tender offers plus staples remain challenging because if the price isn't right, limited partners can simply choose not to sell.

Secondaries buyers estimate there is around $14bn to $16bn or more of LP portfolio sales on the block, with anticipation of much more to come.

Inventory flowing into the market is expected to drive volume beyond the estimated $103bn total for 2022.

The staple commitment would be a boost to Carlyle’s eighth flagship fund, which has been in the market since last year targeting $22bn.

A green-friendly (meaning money) recycling programme allows Oregon to take up to $1bn from secondaries sales of its legacy portfolio and place it into a co-investment fund.