Asset classes

The Nordic PE firm, which was among the first private markets managers to embrace ESG, has raised €588m to acquire two assets from its fifth flagship fund.

Secondaries Investor reported in June that the technology, industrial and consumer-focused firm was working with Evercore on a transaction.

Co-advisory mandates have become an increasingly common trend in continuation fund deals.

ICG Strategic Equity Fund V has already raised more than its $6bn target.

Two deals made up nearly half of the firm’s total secondaries investment volume last year.

The largest proportion – $400m – went towards private equity secondaries, according to the firm’s Q2 earnings presentation.

The decision to increase small/medium buyouts’ portfolio share falls in line with other large public LPs.

Co-investment stakes included in GP- and even LP-led secondaries have become more prevalent as even direct investing LPs seek liquidity in the slow exit environment.

PJT Partners expects private equity secondaries to see $75bn of volume in H2 2024.

The single-asset continuation fund deal, which is around $400m-$625m in size, is in the process of closing, Secondaries Investor understands.