Private equity

The fund primarily focuses on LP-led deals in the North American mid-market.

Mid-life investments can offer a solve to generate liquidity and realisations, stepping into the place of CV deals that can be complicated where co-investors have backed an asset, Neuberger’s head of European PE Joana Rocha Scaff says on the latest edition of PEI Group’s Commitment Issues podcast.

Some LPs have expressed scepticism around the return potential of LP-led secondaries, while interest in CVs is heating up.

The pension fund backs single-asset CVs to gain or strengthen relationships with new and existing GPs, investment manager Pravi Prakash tells Secondaries Investor.

The $219bn system has seen ‘underwhelming’ performance from its largely LP-led secondaries portfolio, according to senior investment officer John Bradley.

Impact-focused LPs may use CVs to ‘lock’ the impact mission of companies, according to panellists at PEI Group’s Impact Investor Global Summit.

The firm, which was founded by Mantra Investment Partners’ former head of secondaries, Fabrice Moyne, exceeded the vehicle’s target by 20%.

Churchill Asset Management and 50 South Capital co-led the CV to extend Frontenac’s hold of the industrials asset.

Secondaries Investor’s latest CV deal log shows activity broadening across segments, transaction types and asset classes.

The firm’s current fund, Strategic Equity Fund V, raised $11bn last year and is the biggest dedicated fund for backing continuation vehicles.