Private equity

Backed by LPs including family office Infinitas Capital, Opportuna plans to target $30m once investors are satisfied with its initial five-company portfolio.

GP-led deals represented about 46% of the $40bn-$45bn of secondaries volume in the third quarter, according to research from PJT Park Hill.

The portfolio sale included full stakes in assets with vintages of 2013 and older and other partial stakes.

The sector’s rapid growth has impacted pricing in the secondaries market and shifted some large buyers’ behaviour.

TPG GP Solutions has been an active backer of GP-led continuation funds across North America and Europe following its launch in January 2022.

The firm, founded by a former StepStone partner, focuses on GP-leds and direct secondaries.

The firm thinks it can help clients seeking to balance portfolios and manage liquidity due to lower exit volumes, chief executive Christian Sinding said on its earnings call.

The Paris-headquartered asset manager is looking to extend its hold on a portfolio company within its mid-cap European Expansion strategy, Secondaries Investor has learned.

The treatment of co-investments in continuation vehicles could provide guidance on how things may play out when PE-backed portfolio companies with a broad-based employee stock ownership plan are rolled into a CV.

The €255bn insurance arm of French financial giant BNP Paribas Group had brought a portfolio to market earlier this year.