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Almost one-fifth of LPs cite liquidity requirements as a motivation for selling fund stakes – a seven-year high – according to research by Montana Capital Partners.
3i
The UK private equity giant has grown its exposure to discount retailer Action, whose exiting LPs achieved a gross multiple of 31.3x.
Stephen Schwarzman
On the Q3 earnings call, the co-founder highlighted portfolio company hiring and investment returns at the firm, whose assets under management have hit a record $554bn.
Secondaries shopping
The pension system picked up secondaries stakes in Industry Ventures, Paine Schwartz and Eureka Equity funds.
Holcombe Green, a 15-year veteran of the firm, becomes global head of private capital advisory including fundraising at the investment bank.
Ropes & Gray’s Raj Marphatia and Jianing Zhang explain how a secondaries transaction on an Indian-focused fund nearly fell apart.
Sao Paulo-based Spectra Investments sees more currency fluctuations than most. Its chief executive, plus professionals from NewQuest and Park Hill talk through the risks.
The strategy has evolved from focusing on diversification and J-curve mitigation to one making concentrated bets on often highly complex deals. Investors unaware of the potential risks face hidden dangers.
When net asset values drop and LPs who rolled their interests into their GP’s vehicle start to think they should have sold their interests instead, there could be legal implications.
Buyers and sellers' expectations need to stay within touching distance of each other for a successful market.
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