Editor Insights

Amid the broadening supply of private wealth-focused evergreen vehicles, ICG and Dawson Partners are the latest managers to join the fold with funds focused on secondaries.

Not every firm has smashed the lights out when it comes to fundraising for vehicles focusing on concentrated bets.

While impact secondaries transactions remain a relatively small part of overall secondaries volume, these vehicles can offer more certainty around impact-linked growth stories compared with their blind-pool counterparts.

A survey from the credit secondaries advisory firm suggests the strategy has continued its ascent with more deals, stiffer competition and a wider group of participants.

Uncertainty about the use of proceeds poses an issue for NAV lenders looking to manage ESG risks.

Reports of the benefits of preferential terms for investors who negotiate and structure a deal may be greatly exaggerated.

The SEC’s decision to grant Coller Capital and Pantheon permission to shop their secondaries-focused evergreen vehicles to high-net-worth investors could prompt more players to follow suit.

The secondaries industry is stepping up its reporting of the performance of continuation fund exits as the supply of opportunities continues to outstrip the available capital for these deals.

ICG and Manulife closed on their respective debut LP-led and GP-led vehicles this week. Both firms believe the secondaries market will continue to specialise in this way – they’re just early adopters.

Kaiser Permanente has returned to the secondaries market with its third billion-plus portfolio in three years. As first-timers come to market, the secondaries market is hopeful more LPs will take a regular approach in the years to come.