Deals

The Dutch pension giant had brought a portfolio worth $2bn-$3bn to market, Secondaries Investor reported in June.

Some LPs not in need of liquidity use the secondaries market as a way to tweak their portfolio’s construction, which is the case with IMCO.

The deal is in the early stage and marks Clearlake’s continued efforts to build up its single-asset CV programme.

Diversis, formed in 2013, acquired a majority stake in Tempo in 2018, and bought the rest of the company in 2022.

As part of the system’s policy established in 2022, the pension has been building exposure to areas of private equity it may have skipped in the past such as smaller funds and growth-focused GPs.

The pension giant is understood to be looking to offload LP stakes valued between $2bn and just over $3bn.

Fund of funds sales represented the majority of LP transactions by asset managers last year, according to a recent full-year 2023 volume report.

Secondaries investors in the $1.1bn continuation fund also committed to the firm’s latest fund in market, which closed on more than $2.3bn.

The single-asset continuation fund process is part of a wave of such deals GPs are attempting as a way to deliver proceeds to limited partners in older funds at a time of slow exit activity.

The strip sale is the latest example of an asset manager using the secondaries market to build third-party AUM.