Christopher Witkowsky
Single-asset continuation fund deals have become so popular several mid-market investment banks have hired or are seeking talent to advise on such transactions.
While GP-led deals took the biggest slice of market activity in 2022, LP deals, especially in the second half, started flowing back into the market.
Strip sales have not been as pervasive as other forms of direct secondaries like GP-led continuation funds and single-asset deals.
The firm is among a handful of newer shops raising capital to target the smaller side of the secondaries market, which is busy and largely ignored by larger firms.
The deal is one of several run by established managers helping to drive secondaries volume to what several professionals believe will be record levels this year.
GP-led deals have taken a large slice of deal volume since the pandemic as buyers back away from diversified LP portfolios.
The deal comes on the back of a single-asset process last year the firm carried out on Upstream Rehabilitation, which Coller Capital invested in.
The process is one of the few fund restructurings of size to proceed through the coronavirus downturn.
Leading secondary advisor UBS lost its chief Nigel Dawn, who later joined Evercore – setting up what could be an epic battle for mandates in the rest of 2013.
Talking to secondary market professionals about the dynamic in 2013, the term 'window of opportunity' gets thrown around a good bit. Many have been sitting around this year waiting for sellers to open that ‘window’ by coming to the market.