secondaries

The newly-rebranded Oddo BHF Private Equity will seek €300m for a new secondaries vehicle from predominantly European and Middle Eastern institutional LPs.

Fund finance facilities have traditionally been linked to uncalled LP commitments, but the focus is increasingly now on underlying portfolio investments. Leon Stephenson of Reed Smith explains the trend

The close of the deal comes six weeks after sister title Secondaries Investor reported the transaction was set to become the largest-ever GP-led restructuring.

Asset manager Oddo BHF has acquired the fund of funds unit in its first foray into private equity.

The portfolio included stakes in Montagu Private Equity and IK Investment Partners' funds, sister publication Secondaries Investor has learned.

The firm's last dedicated secondaries fund, focused mainly on fund restructurings, closed in April 2017 on $1.1bn.

The Paris-based manager likes the look of the country's mid-market and sees hiring and investment opportunities as challenges.

Travails at the emerging markets private equity firm may present a buying opportunity, but it may be too big a stretch for most secondaries buyers.

The Swiss asset manager acquired Akina Partners in February 2017 and their operations have been largely separate up until now.

The Nordic firm's Edda fund shows LPs are willing to back new propositions from GPs that can demonstrate an ability to deploy capital in a challenging environment.