Madeleine Farman
Madeleine Farman is the editor of PEI Group’s Secondaries Investor title based in London. Prior to joining PEI, she had covered private equity, private capital and advisers associated with the industry for other newsrooms and publications since 2016. Originally from New Zealand, Madeleine began her career in radio in Auckland.
CVC Secondary Partners is also backing the deal, which is expected to close in late Q4, PEI Secondaries Investor has learned.
Small- and mid-sized GPs are following their larger peers to the CV market at a clip – relationship management within their LP base, however, is arguably a more thorny issue.
The tail-end specialist – which PEI Secondaries Investor understands has raised $1.5bn for its latest GP-led programme – looks to back assets that have more to show after five-plus years in a fund, Steve Nicholls and Catherine Badour say.
The finding that CVs are performing in line with buyout funds while offering different return profiles persists in Evercore’s and HEC Paris’s latest survey, with PEI Group data showing a growing number of LPs have GP-led funds in their portfolios.
The deal marks the second continuation vehicle process Meridiam has undertaken this year, with GIC backing its prior €2.2bn deal.
Sarah de Ste Croix and Gabriel Boghossian are set to join the legal giant as global co-heads of secondaries.
Investors are putting more resources towards shorter hold secondaries and co-investments, according to Mercer’s head of European infrastructure Julia Schiffer.
APAC has been waiting for an uptick in secondaries volume similar to that of North America and Europe, particularly when it comes to GP-leds. Right now, no one would be surprised if activity stalled completely.
Klar’s CV process joins EMK’s in the market with both firms seeking to continue their hold for European assets operating in the same industry.
While there have been instances of controversial GP-leds moving through the market, advisers continue to work in real time to improves practices, conference attendees at IPEM Global heard.