Limited Partners

From private wealth capital to higher bids, to LP-GP alignment, evergreen products are making their mark on the market.

An LP that reinvests the proceeds into a first-quartile fund would see their portfolio outperform the value of holding the tail-end asset by year two – even assuming a 20% discount, according to research from Upwelling.

Advisers encountered several pleasant surprises in 2024 – contributing to momentum that many expect to carry through the rest of this year.

The investment firm deployed $700m in GP stake secondaries alone in 2024, including a single transaction valued at over $500m, founder and chief investment officer Christopher Zook said.

The overall buyers on the deal could account for a portfolio of around $3-$4bn, Secondaries Investor understands.

Recent survey findings underscore the importance for GPs to explore multiple paths to liquidity before settling upon a continuation fund process.

Nearly 45% of companies within single-asset CVs had an implied TEV greater than $2bn last year reflecting minority interest or strip sales for larger companies being used in these deals.

With private equity portfolio sales proliferating, here’s why UK multi-family office Stonehage Fleming is an active secondaries buyer and Australian state fund QIC is not.

French investment firm Peugeot Invest is offloading 35 PE funds to rebalance its portfolio.

With peers facing substantial portfolio challenges, the $30bn endowment is urging restraint in what its leaders say is an environment for endowments akin to 2008’s financial crisis.