Asset classes

As private equity secondaries become more commonplace, a clear rationale for the value a transaction creates is key.

The mid-market deal is at least the second European single-asset transaction London-headquartered Coller Capital has done this month.

Strong currents also point to much more opportunistic buying and selling, according to affiliate title Private Equity International’s LP Perspectives 2022 Study.

The private assets secondaries market could be more liquid for large LPs than public markets, according to Ardian’s former fund of funds head.

A stake in CD&R’s 2018-vintage fund sold for 124% of NAV, according to a survey of 52 transactions by Palico, with average pricing of 98.5%.

There have been six meaningful M&A deals for secondaries firms this year, with a seventh rumoured to be in the works.

The $49bn state pension cited the glut of dry powder and new entrants into PE driving a desire to consolidate manager relationships.

The asset manager returns to the market less than a year after closing its $3.9bn fifth programme in February.

The deal marks the second time in four months a large global investor has taken outside capital to free up its balance sheet.

Sevita, which offers various home- and community-based care services to the nation’s most in-need populations, has already produced gains for its current owners — whome took the company private at a $1.4bn valuation in 2019.