Asset classes

Four out of NYCRS’ five pension systems are selling a more than $5.5bn portfolio to Blackstone Strategic Partners in a deal set to close at the end of March.

GPs are looking to hold on to their prized assets for longer than ever, but repeated continuation vehicles are bound to invite questions from existing and prospective investors.

The European mid-market firm, which has £11bn in AUM, is looking to move four UK-based assets into a new vehicle, Secondaries Investor understands.

As traditional private equity houses enter the secondaries market en masse, more GPs are building up their capabilities to run ‘DIY’ continuation vehicle processes in-house.

Partial exits, continuation funds and NAV loans helped bring the industry’s cashflow to breakeven in 2024, according to Bain’s latest global private equity report.

Late last year, it emerged TowerBrook had used a continuation fund in a transaction to delist its portfolio company R1 RCM from NASDAQ.

While $1bn portfolios are a more common factor in the market today, New York City’s sale stands apart as among the largest of all time.

Active GP members in the New Mountain team will roll all of their proceeds into the CV, according to LP documents.

ICG Strategic Equity Fund V is more than double the size of its predecessor, which closed on $5.3bn in 2022.

Approximately half of the private equity evergreen market is expected to be allocated to secondaries in the next decade, according to estimates.