News & Analysis

Secondaries Investor reported in June that the technology, industrial and consumer-focused firm was working with Evercore on a transaction.

Co-advisory mandates have become an increasingly common trend in continuation fund deals.

ICG Strategic Equity Fund V has already raised more than its $6bn target.

Two deals made up nearly half of the firm’s total secondaries investment volume last year.

The largest proportion – $400m – went towards private equity secondaries, according to the firm’s Q2 earnings presentation.

The decision to increase small/medium buyouts’ portfolio share falls in line with other large public LPs.

While this year has not seen a large-scale close, several funds with hefty targets remain in market.

Co-investment stakes included in GP- and even LP-led secondaries have become more prevalent as even direct investing LPs seek liquidity in the slow exit environment.

Thiha Tun has predominantly advised on complex LP-led deals in recent months, several of which involved buyers using continuation funds.

There are 10 such vehicles in market, according to Secondaries Investor data, targeting at least $4.3bn between them.