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.
The strategy is ‘poised to scale and become a flagship fund’, executives said on the firm's second-quarter earnings call.
The firm, founded by Siguler Guff‘s former secondaries head, is yet to hold the final close for Banner Ridge Secondary Fund V, Secondaries Investor understands.
Carlo Pirzio-Biroli, managing partner and chief executive of the secondaries firm, says it is easier to attract investors who want to write larger tickets – a difficult proposition with smaller funds.
Secondaries Investor reported in February that Glendower Capital Secondary Opportunities Fund V was expected to close over the summer.
Early estimates for first half activity show secondaries transaction volume is off to a slower than anticipated start this year; yet, the market is expected to pick up some of the shortfall.
Clark joins the Magic Circle firm as head of its global funds practice from Goodwin.
The vehicle, which is around 30% larger than its predecessor, has been in market for just over two years and is already one of the largest dedicated standalone funds for secondaries.
Activity has slowed compared with last year’s figures, when the market saw $54bn of volume in the first half.
Healthcare-related assets make up a significant chunk of potential dealflow in the GP-led secondaries market given the sector’s characteristics and outlook.
As buyout shop Astorg makes moves to fill its secondaries bench in its effort to back continuation funds, the key will be winning over firms that may view it as a competitor.