Asset classes

Three buyers co-led the novel transaction involving insurance asset Markerstudy, which was separately involved in an M&A process.

The deal is understood to be Partners Group’s largest secondaries deal on a total adjusted commitment basis.

Secondaries is an area of opportunity amid rising inflation and interest rates, according to the alternatives giant’s chief executive.

There has never been a better time for secondaries funds to deploy capital, Harold Hope, GSAM’s global head of secondaries, tells Secondaries Investor.

The firm’s GP Equity Solutions product – co-led by Sebastiaan Van Den Berg and Michal Lange – will invest in global B2B niche leaders.

The mid-market-focused firm is more than two-thirds towards the target of its third vehicle.

GP-led secondary deals like single-asset continuation funds represented about 40% of estimated total market volume in the first half, according to Lazard’s first-half volume report.

Presenting the latest instalment of Second Thoughts, a special series from Secondaries Investor that delves into the latest trends affecting the fastest-growing market in alternatives.

A footnote in the US Securities and Exchange Commission’s new rules suggests continuation funds structured as cross fund trades won’t be subject to third-party fairness opinion and valuation letters.

The SEC’s vote this week that makes third-party opinions in continuation fund transactions mandatory was a practice that was already becoming a market norm.