Deals

Asset-backed securities deals have got bigger, with several closing above $1bn in the first half, according to the adviser.

CVs are gaining momentum in the VC industry as more venture firms use them to extend ownership of prized assets and generate liquidity for LPs.

CIO Nils Rode tells Secondaries Investor that CVs could eat into buyout dealflow over the next decade.

Bids on the portfolio were due this week, with the expectation that the process closes by end-September.

The firm confirmed it had closed a $1.9bn CV-on-CV process for isolved this month.

The first half of the year saw 38 continuation vehicles close, with several more launching or being eyed, according to data gathered by Secondaries Investor.

Venture/growth represented about 8% of GP-led volume in the first half, which matched the full-year volume of last year, according to Jefferies’ recent volume report.

The Mexican restaurant chain deal marks the first continuation vehicle for food sector-focused Butterfly Equity.

The Dutch pension administrator’s sale is part of a wave of sales processes that institutional investors are using to help manage their programmes amid an exit drought and a slowdown in distributions.

The buyout firm had moved Curium Pharma into a €1.2bn single-asset continuation fund in 2020.