Private equity

In an extract from a whitepaper aimed at LPs, Tradition’s advisory team discusses the dynamic between bids, NAVs and public markets, and what it means for sellers.

The Carlyle Group unit has led a process in the latest example of a sponsor using continuation fund technology for the first time.

GP-led secondaries, especially single-asset deals like Belron, have driven the market to what is expected to be record volume levels this year.

As private equity secondaries become more commonplace, a clear rationale for the value a transaction creates is key.

The mid-market deal is at least the second European single-asset transaction London-headquartered Coller Capital has done this month.

Strong currents also point to much more opportunistic buying and selling, according to affiliate title Private Equity International’s LP Perspectives 2022 Study.

The private assets secondaries market could be more liquid for large LPs than public markets, according to Ardian’s former fund of funds head.

A stake in CD&R’s 2018-vintage fund sold for 124% of NAV, according to a survey of 52 transactions by Palico, with average pricing of 98.5%.

There have been six meaningful M&A deals for secondaries firms this year, with a seventh rumoured to be in the works.

The $49bn state pension cited the glut of dry powder and new entrants into PE driving a desire to consolidate manager relationships.