Deals

The deal marks the first CV for mid-market specialist Estancia Capital Partners, Secondaries Investor understands.

The €250m CV for biogas company Grupo Gestcompost is the largest transaction of its kind for Barcelona-headquartered Suma Capital.

Montana Capital Partners acquired the interests via a strip sale which it then transferred over to a new vehicle managed by Prudential Financial.

Credit transactions accounted for 8% of the total $89bn LP-led volume last year, according to a report from Evercore.

The single-asset process will allow the firm to hold onto a software company which was part of a multi-asset deal it ran in 2019, Secondaries Investor has learned.

While there was a flurry of LP-led activity in Q1, much of this was driven by processes that fell into the new year from 2024, according to panellists at a BVCA secondaries summit last week.

HarbourVest and Goldman Sachs are understood to be the lead buyers on the multi-asset continuation fund and a single-asset continuation fund, respectively.

While Ardian wants to make sure it gets the best pricing in its deals, the most indicative link back to the returns it generates is ‘not necessarily what we pay, but what we buy’, senior managing director Wills Small said in a video interview.

Infrastructure secondaries volume is expected to double in the next five years after seeing at least $15bn last year.

There have been few documented cases of continuation vehicle exits given the nascent nature of such transactions. The deal has become the latest example.