Asset classes

Traditional buyout firms are taking advantage of what is widely considered a deficit of capital available for the growing number of opportunities in the secondary market, as GPs and LPs seek ways to monetise assets in older funds.

EQT’s acquisition of secondaries pioneer Coller Capital comes as the market for LP stake sales and continuation funds hits new heights.

While the list of the largest known LP commitments remains dominated by US-based investors, it also reflects a growing presence of non-US institutions from Asia and the UK.

Auldbrass acquires secondaries interests through LP-led and GP-led opportunities in mid-market buyout, global buyout and growth equity.

The firm has also made further leadership promotions and created two regional operating committees to ‘further strengthen local leadership’, according to a memo seen by Secondaries Investor.

The pair will eye ‘additional areas of collaboration’ amid the insurer’s plans to raise its alternatives exposure.

Daniel Ward, a former principal at CPP Investments, has joined Hg’s secondaries team as the firm builds up investment capacity in GP-leds.

Under the TPA an LP’s selling decision is more likely to be driven by opportunistic considerations, rather than breaches of asset allocation targets.

Many GPs have been seeking ways to sort out assets lodged in older funds, with limited partners increasingly seeking liquidity.

The firm is seeking to raise $300m for the strategy, head of private equity partnerships Nicolas Muller tells NPM.