Private equity

The asset manager returns to the market less than a year after closing its $3.9bn fifth programme in February.

The deal marks the second time in four months a large global investor has taken outside capital to free up its balance sheet.

Sevita, which offers various home- and community-based care services to the nation’s most in-need populations, has already produced gains for its current owners — whome took the company private at a $1.4bn valuation in 2019.

Japan’s regional banks have been expected to be a key source of secondaries dealflow after piling into alternatives over the past decade.

The $25.3bn US public pension wants to sell private equity fund stakes and divest of non-strategic relationships, documents show.

The $95bn state pension had an 11.1% allocation to private equity over a 7% target prior to the transaction, according to Secondaries Investor data.

The Parisian secondaries shop is the latest to recognise opportunity in the mid-market in the shadow of secondaries mega-funds.

Several firms have added secondaries capabilities, either by building in-house groups or acquiring outside firms, like Ares Management, which bought Landmark Partners earlier this year.

Mike Custar and Jake Stuiver of White Plains-based secondaries advisory M2O discuss the return of the LP market as a counterweight to GP-led deals.

The asset manager is targeting space left by the ballooning mega-fund market, according to documents from US public pension fund VCERA.