Private equity

LP sales were expected to kick off a resumption of robust secondaries activity after a slowdown late last year, with external factors such as the collapse of Silicon Valley Bank keeping activity muted.

Oakley is seeking to continue its hold of German university group IU Group, which it initially backed in 2017.

More capital was closed on for private equity secondaries in the first quarter of the year than for any other strategy outside of buyouts.

Sponsor-initiated processes will have to be reported to the regulator within 60 days from the end of each quarter.

The average number of secondaries transactions advised on sat at 24 in a year where overall secondaries market volume was estimated at around $110bn.

The launch comes as Ares is set to mark the two-year anniversary of its acquisition of Landmark Partners.

Presenting the second instalment of Second Thoughts, a special series from Secondaries Investor that delves into the latest trends affecting the fastest-growing market in alternatives.

Oakley acquired a majority stake in IU Group in 2017 via €800m Oakley Capital Private Equity III fund, alongside a number of underlying Fund III investors.

The sale follows a recommendation from SCERS staff and consultant Cliffwater to sell down commitments made to 2006-08 vintage funds to deal with overallocation.

Coller acted as sole lead on the transaction, which represents the third deal the firm has carried out with China’s Legend Capital.