Private equity

The venture secondaries firm plans to use equity investments and structured financings, and will deploy capital via GP- and LP-facing transactions.

Manulife Investment Management’s GP-led secondaries programme will seek out concentrated deals from the large-cap space through to the lower mid-market.

Capital raising for private equity secondaries strategies plummeted 77% year-on-year for the three months to end-March, according to PEI data.

The transaction comes off the back of at least three other insurance-focused continuation fund deals in Europe over the past half-year.

Head of secondaries Cari Lodge tells Secondaries Investor about deployment plans for the firm’s fourth secondaries vehicle, which closed on $1.1bn earlier this month.

The deal would allow Rubenstein to sell partial stakes in several assets, which will support his investment in the Baltimore Orioles Major League Baseball franchise, sources said.

The deal is part of a wave of LP secondaries driven by fund investors’ desire to get proceeds from older funds.

‘Valuations have returned to a steady state, but GPs are facing more significant DPI challenges than ever,’ W Capital Partners’ David Wachter tells Secondaries Investor.

The innovative transaction involves StepStone providing funding for MLC Private Equity’s seed portfolio and additional capital for its new investments.

LPs will be given the option to roll or sell on CVC’s continuation fund process for Multiversity, which is understood to be €1.5bn-€2bn in size, Secondaries Investor learns.