News & Analysis

The deal gives Plaza more time with StackAdapt amid AI disruptions, with the firm’s investment considered one of the high-returning Canadian venture deals of all time.

Investors expect the number of tail-end vehicles still holding assets to rise amid ongoing liquidity pressures and difficulties in GPs differentiating themselves.

Increased appetite from Institutional investors, access to liquidity and the proliferation of bespoke structures have accelerated change in fund finance, according to panellists at the European Fund Finance Symposium.

Painswick Capital views single-asset continuation vehicles as a PE business and has built its firm around that thesis, founder John Garcia and partner James Powers tell Secondaries Investor.

Following a multi-year selection process, two senior executives have been elevated as eventual heads of the business, while three have departed the secondaries manager.

Both Pantheon’s and Ardian’s latest flagships rank among the largest infra secondaries funds ahead of formal final closes.

Mubadala’s indirect investments arm, which launched its secondaries unit in 2024, deployed $19bn in 2025.

Other European insurance firms, such as NN Group, are also looking at the secondaries market as they work to diversify their illiquid credit portfolios.

Around 40% of LPs expect continuation vehicle activity to continue growing, with a number opting to take a more concentrated approach to this corner of the market, according to Coller Capital’s latest Barometer report.

Allianz Global Investors’ co-heads of infrastructure funds and co-investments Maria Aguilar-Wittmann and Tillman Mueller have identified ‘a lot of attractive opportunities’ in the market, which grew to $20bn-$25bn of volume in 2025.