Deals

UBS’s 2008-vintage infrastructure fund holds a stake in Southern Water, which is trying to come back from a record fine for environmental breaches.

The private assets secondaries market could be more liquid for large LPs than public markets, according to Ardian’s former fund of funds head.

Strip sales have not been as pervasive as other forms of direct secondaries like GP-led continuation funds and single-asset deals.

GP-led deals like CCMP’s anticipated process represented a much larger portion of secondaries deal volume last year and this year to date.

The investment bank has run what is understood to be its first GP-led secondaries process on PE assets in a CPP Investments-backed process.

The transaction, which involved a global portfolio of mid-market and growth-focused fund and co-investment stakes, is the third such process the pair and Hermes GPE have partnered on.

The secondaries giant was expecting a first close on its LCP X flagship in the third quarter of this year, documents seen by Secondaries Investor show.

Mozaic Capital is advising on the process designed to rebalance the pension’s $120.5bn portfolio, amid the resurgence of LP-led deals.

The deal marks the second time in four months a large global investor has taken outside capital to free up its balance sheet.