Private equity

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.

The CV for the accounting business could raise more than $1bn, Secondaries Investor understands.

With more players and larger funds, the secondaries market is seeing a lot of CVs north of $1bn. The long-term growth of sizeable deals requires significant backing.

Trilantic’s deal is viewed by many in the secondaries market as a potential precedent setting transaction that could serve as a model for other mid-market firms facing fundraising challenges.

Nash Waterman’s departure comes three months after HIG Capital poached four members of the bank’s GP-led secondaries investment team.