Deals

The transaction is in the early stages and could reach $2bn in size, sources have told Secondaries Investor.

The USS sale marks the latest sizeable LP-led portfolio that Partners Group has backed in recent months.

The financial giant has become the latest firm to get in on the growing GP-led advisory space.

Inventory on the GP-led side of the business is high and the completion rate for such deals is said to hover around 50%.

More LPs are considering secondaries sales as pricing has strengthened since last year, with high-quality buyout funds capturing pricing at the 90% or higher net asset value range.

The European buyout firm is seeking more time and capital to further grow Normec internationally while crystallising returns for investors.

The transaction involves five assets coming from three vehicles managed by the Jordan Company, Secondaries Investor understands.

The deal is an example of the type of ‘clean up’ deals routinely run by fund of funds and secondary shops.

HarbourVest Partners, LGT Capital Partners and Pantheon backed a $700m single-asset transaction involving the National Stock Exchange of India.

The transaction comes off the back of at least three other insurance-focused continuation fund deals in Europe over the past half-year.