Private equity

The CV process places Advent among a group of PE powerhouses that are exploring similar processes for their software companies.

The $257bn pension has been seeking alternatives to secondaries sales to avoid taking large discounts in such transactions.

The niche secondaries firm opted to stick to a tight timeline given difficult fundraising conditions in order to focus on deployment, according to partner Stephane Chevrier.

Lexington Capital Partners X, the firm’s latest main secondaries fund, smashed its $15bn target to collect $22.7bn last year.

The assets in the process run by the firm formerly known as The Jordan Company ‘do not appear to have the ability to generate outsized returns’, according to adviser Aon.

GP-led deal volume reached an estimated $28bn in the first half, a 56% increase from the same period last year, according to Jefferies’ first-half volume report.

Providence agreed to sell part of its stake in the group to listed investment firm Wendel in July.

One in three private equity funds missed their fundraising targets in H1 2024, compared with 4% of secondaries funds.

Cubera X, which focuses on Nordic managers, was oversubscribed and is 54% larger than its predecessor.

The US pension’s investment committed noted the global secondaries market is a more intriguing opportunity after deal volume hit a record in the first half of this year.