Deals

The process is understood to have also involved Charterhouse’s latest fund in market acquiring a portion of pharmaceutical group SERB.

The process is understood to be in the early stages and could involve multiple funds, Secondaries Investor understands.

The companies involved are housed in FSN Capital V, which closed in 2016 on €1bn, Secondaries Investor understands.

If bids come in at a steep discount, some LPs are ready to use that data point to question other VCs invested in the same assets about their valuations and why they are not writing them down.

Several deals across the mid-market have closed recently and market professionals see continued vibrancy at this smaller level of secondaries.

The transaction, which saw AlpInvest and HarbourVest as co-leads, was oversubscribed with One Equity having to turn investors away and cut back its existing investors.

Presidio saw an opportunity to extend its hold over Elevate as it continues to implement its growth plan that includes further spending and future acquisitions.

LP sales were expected to kick off a resumption of robust secondaries activity after a slowdown late last year, with external factors such as the collapse of Silicon Valley Bank keeping activity muted.

Oakley is seeking to continue its hold of German university group IU Group, which it initially backed in 2017.

The average number of secondaries transactions advised on sat at 24 in a year where overall secondaries market volume was estimated at around $110bn.