Deals

CVs continue private equity’s history of innovation and evolution and will likely become part of the asset class’s long term set of options for exits, co-managing partners Jeff Rhodes told affiliate title Buyouts.

The sale included a core portfolio as well as another bundle of fund interests offered to buyers, Secondaries Investor understands.

Issues around pricing, alignment and the absence of a lead investor can complicate matters, a conference has heard.

The single-asset process is part of what looks to be record-setting secondaries activity this year that appears headed for more than $200bn of total volume.

Brookfield’s Real Estate Secondaries fund is almost fully deployed and the manager is in the market to raise a second one.

Of the $60bn of third quarter deal volume, GP-leds represented about 52%, according to PJT Partners data.

The firm reportedly paused a multi-asset CV involving this asset in 2023.

An LP has received a re-investment option and a liquidity option, with the latter offered at a discount to current valuation.

One of the assets was partially realised by Permira last year, with the other involved in a take private deal this year, Secondaries Investor understands.

The $835m CV for Trading Technologies is the largest known GP-led secondaries process run by an independent sponsor, according to Houlihan Lokey’s Michael Pilson.