Deals

Four Investcorp representatives will join the placement agent and secondaries advisor’s board of directors as part of the deal.

The private equity giant approached secondaries buyers about acquiring LP stakes in its 2013-vintage Sub-Saharan Africa Fund and making a stapled commitment to its successor.

LPs can find the options are limited when a fund manager restructures the leftover assets in a fund nearing the end of its life.

The secondaries firm is in pole position to back a GP-led process on Vitruvian Partners’ 2007-vintage fund, which has around €850m in remaining NAV.

The portfolio, worth up to $5bn, comprises around 35 positions and is 75% unfunded, Secondaries Investor revealed in March.

Blue chip managers are using stapled secondaries deals to boost fundraising and provide liquidity to LPs. In this 17-minute podcast, lawyers from Proskauer, Debevoise & Plimpton and MJ Hudson discuss how GPs and LPs should approach this growing transaction type.

The firm has backed a deal in which the Chinese insurance giant used infrastructure fund stakes as seed assets to launch a fund of funds and co-investment strategy.

A snapshot of law firms’ secondaries work in 2018 by volume, deal count, strategy and more from Secondaries Investor’s annual survey.

The pension’s advisor Cliffwater has recommended the pension offload older stakes and exploit the lack of competition at the small end of the market by purchasing individual fund positions.