Private equity

The firm’s focus on smaller-size secondaries has helped differentiate its latest secondaries fund – which recently closed on $677m ahead of its target – from peers, head of secondaries Patrick Knechtli told Secondaries Investor.

The €2.3bn Fund V has raised more than double the amount of its 2021-vintage, €1bn predecessor.

While more LPs are participating directly in CVs and secondaries transactions, such investors remain ‘the exception, not the norm’ in the market, according to BCI’s global head of PE.

The deal gives Plaza more time with StackAdapt amid AI disruptions, with the firm’s investment considered one of the high-returning Canadian venture deals of all time.

The lack of standardisation when it comes to benchmarking secondaries raises questions about how the strategy should be measured and whether traditional PE benchmarks are a good fit.

Investors expect the number of tail-end vehicles still holding assets to rise amid ongoing liquidity pressures and difficulties in GPs differentiating themselves.

Painswick Capital views single-asset continuation vehicles as a PE business and has built its firm around that thesis, founder John Garcia and partner James Powers tell Secondaries Investor.

Around 40% of LPs expect continuation vehicle activity to continue growing, with a number opting to take a more concentrated approach to this corner of the market, according to Coller Capital’s latest Barometer report.

Glouston Capital Partners’ focus on the US will complement the firm’s geographic footprint in the secondaries market, Flexstone CEO Eric Deram tells Secondaries Investor.

Anton Orlich, architect of the US pension giant’s PE turnaround, will now also be responsible for its private credit, real estate, infrastructure and other alternative programmes.