Private equity

As traditional private equity houses enter the secondaries market en masse, more GPs are building up their capabilities to run ‘DIY’ continuation vehicle processes in-house.

Partial exits, continuation funds and NAV loans helped bring the industry’s cashflow to breakeven in 2024, according to Bain’s latest global private equity report.

Late last year, it emerged TowerBrook had used a continuation fund in a transaction to delist its portfolio company R1 RCM from NASDAQ.

While $1bn portfolios are a more common factor in the market today, New York City’s sale stands apart as among the largest of all time.

Active GP members in the New Mountain team will roll all of their proceeds into the CV, according to LP documents.

ICG Strategic Equity Fund V is more than double the size of its predecessor, which closed on $5.3bn in 2022.

Approximately half of the private equity evergreen market is expected to be allocated to secondaries in the next decade, according to estimates.

The top secondaries deals, firms, law firms and advisers of the year from the APAC region.

Coller Capital misses out on Secondaries Firm of the Year to Ardian, which transacted on more than $15bn across the US and Europe during the judging period.

In the first PEI awards to give secondaries its own list of winners, Lexington Partners wins Secondaries Firm of the Year in the Americas.