Asset classes

The fund will primarily focus on single-asset CV transactions, with additional flexibility to pursue multi-asset CVs and LP-led opportunities, Secondaries Investor has learned.

Issues around pricing, alignment and the absence of a lead investor can complicate matters, a conference has heard.

The single-asset process is part of what looks to be record-setting secondaries activity this year that appears headed for more than $200bn of total volume.

Why conditions in the private markets impact investing space could finally be ripe for secondaries activity.

Of the $60bn of third quarter deal volume, GP-leds represented about 52%, according to PJT Partners data.

Research provided to affiliate title Buyouts by TREO indicates the global volume of AUM of tail-end funds, or TEFs, hit $829bn in 2024, up 24% from 2023.

The fund is already ‘well deployed’ with 22 transactions completed to-date.

The firm reportedly paused a multi-asset CV involving this asset in 2023.

One of the assets was partially realised by Permira last year, with the other involved in a take private deal this year, Secondaries Investor understands.

The $835m CV for Trading Technologies is the largest known GP-led secondaries process run by an independent sponsor, according to Houlihan Lokey’s Michael Pilson.