Chris Witkowsky
Hamilton Lane was lead investor on the deal, which the firm closed without intermediation.
The multi-asset transaction includes SupplyOne, a maker of packaging supplies, equipment, safety products and janitorial supplies.
While activity on the GP-led side has been slower, several large deals have gotten done with buyers choosing to work with high-quality assets managed by firms they know well.
Jonathan Gray’s contention, that discounts on LP portfolios could increase, runs contrary to the trend this year of strengthening pricing.
Pricing for secondaries has improved to a net-asset-value level of around 90% for buyout funds.
The single-asset deal is among a slew of mid-market transactions that are keeping secondaries buyers busy, despite a slowdown earlier in the year on the GP-led side.
Strategic Partners, formed in 2000, has grown rapidly since its acquisition by Blackstone into one of the largest secondaries buyers in the market.
The rationale for the deal is to provide liquidity to investors in older funds while still holding the assets.
The Harvest process allowed LPs in the firm’s seventh and eighth funds to sell their stakes at relatively high prices compared to other recent deals.
Alex Mejia is joining Baird less than 18 months after joining Goldman to advise on single- and double-asset GP-led deals.