Asset classes

The tail-end specialist – which PEI Secondaries Investor understands has raised $1.5bn for its latest GP-led programme – looks to back assets that have more to show after five-plus years in a fund, Steve Nicholls and Catherine Badour say.

Hybrid capital appears to be having a moment. The strategy’s knack for complex deals at a time of market disruption is juicing demand – including among liquidity-strapped GPs.

The finding that CVs are performing in line with buyout funds while offering different return profiles persists in Evercore’s and HEC Paris’s latest survey, with PEI Group data showing a growing number of LPs have GP-led funds in their portfolios.

Sarah de Ste Croix and Gabriel Boghossian are set to join the legal giant as global co-heads of secondaries.

The process follows a larger deal the endowment secured last year, where it offloaded between $3bn-$4bn of private equity stakes with pricing in the mid-90% of NAV.

While the region has seen growing secondaries appetite in the past few years, executed deals remain far and few between, market participants tell PEI Secondaries Investor.

Klar’s CV process joins EMK’s in the market with both firms seeking to continue their hold for European assets operating in the same industry.

Investment committees are a taking a closer look before rolling into a CV amid rising deal volume, said panellists at IPEM Global in Paris.

While there have been instances of controversial GP-leds moving through the market, advisers continue to work in real time to improves practices, conference attendees at IPEM Global heard.

The alternatives giant led a consortium of investors on the approximate €1.7bn acquisition of ITP Aero in a carve out from Rolls-Royce in 2022.