Private equity

DevCo, which typically holds onto assets for 15 years, ran another sizeable continuation vehicle last year.

French private equity firm Motion acquired Olyos in 2018. It will move the asset into a new vehicle as it seeks to capitalise on M&A and growth opportunities.

This is at least the second time IDG has tapped the secondaries market for a CV deal, having previously completed a GP-led five years ago.

While CalPERS has been a net buyer of secondaries in the past, poor distributions from private equity assets in these particular vintage years would cause the LP to look at opportunistic sale processes of certain managers.

One of the assets in the two-company continuation fund is housed within an existing multi-asset CV closed in 2022, Secondaries Investor has learned.

President and COO Jon Gray expects the secondaries market will continue to grow as LPs seek out liquidity – though he anticipates the ‘re-emergence of M&A activity at scale’ this year.

The firm’s second GP-led fund, which closed on $4bn earlier this month, is over four times the size of its predecessor.

Exchange platforms must contend with a multitude of alternative liquidity paths for holders of private company stakes.

The secondaries market has been breaking records. In Orlando, PEI Group editors sat down with industry attendees for a series of video interviews to discuss the key trends shaping the market.

Horizon II, a private equity mandate Federated Hermes was awarded by the BT Pension Scheme, has received the LP-interest financing.