Deals

While the adoption of venture capital sponsor-driven transactions is in the early stages, the technology is already adapting to the nuances of the asset class.

While GP-led clauses in fund agreements are not a silver bullet, certain LPA provisions could help GPs and LPs better navigate these transactions should they arise.

While few established secondaries firms remain independent after a glut of M&A transactions last year, more groups than ever are seeking a seat at the table in the expanding marketplace.

Certain types of deal may not require a fairness opinion, a case likely to be made to the regulator during the ongoing consultation period.

The move is significant for the Canadian pension giant, which until now had been unable to back such deals via its secondaries unit.

At least one LP reports intention to divest from NCH Capital’s Russia and Ukraine-focused agribusiness investments as quickly as possible.

The challenges of selling such a big offering are highlighted by growing uncertainty around secondaries pricing, weakening amid public market volatility, rising inflation and geopolitical shocks from Russia’s invasion of Ukraine.

Oaktree’s parent company, Brookfield, has opened another front in its expansion strategy, having entered the real estate and infrastructure secondaries markets beginning in 2020.

There is a universe of potential deals in asset classes such as infrastructure not suited to typical secondaries funds, says Daniel Roddick, founder of Ely Place Partners.

Portfolios with valuations pegged to 30 September no longer reflect market dynamics, including public market volatility, plunging tech valuations and geopolitical turmoil sparked by Russia’s invasion of Ukraine.