Deals

Without new capital coming in, the firm is considering an extensive continuation fund process that would extend its ability to make new investments.

Last quarter saw 11 continuation vehicles close, with a dozen more hitting or looking to hit the market, according to data gathered by Secondaries Investor.

The fund of funds specialist believes China could present interesting secondaries opportunities given a lack of buyer interest, managing partner Alex Sao Wei Lee said.

Corsair has raised a multi-asset CV for three assets, with the remaining exposure in one of the assets being moved to another vehicle.

The ASX-listed litigation funder closed what it believes is the first CV deal involving legal assets last month, chief executive Raymond van Hulst told Secondaries Investor.

Part of Vista Equity’s contribution to the deal will come through its private wealth channel, a source said.

The transaction, which could total as much as $1bn in size, is understood to comprise a concentrated list of funds and managers.

After hearing pitches from more than 50 suitors over the years, Kline Hill found a match in TA, managing partner Mike Bego told Secondaries Investor.

Opinions vary over whether the asset class will outstrip 2024’s record-breaking deal volume total, or whether recent uncertainty will cause it to miss the mark.

Managers will seek to tap the secondaries market to keep hold of their prized assets while M&A remains muted – however, the single-asset space remains significantly undercapitalised.