News & Analysis

The preferred equity specialist plans to complete five to 10 transactions annually, with each ranging from $100m-$750m in size.

The firm opened its first international office last year, two years after its tie-up with PGIM, and retains its Swiss heritage in its approach to deal-making.

The hires come as secondaries advisory groups shift and expand, with some places growing their capabilities to meet increasing demand for transactions such as continuation funds and LP portfolio sales.

The buyout giant initially backed Multiversity in 2019 before acquiring 100% of the online university group in 2021.

The deal involves transferring an asset to a continuation fund managed by TRP Capital, a lower mid-market player with no prior engagement in GP-led secondaries.

While GP-led inventory is high, the capital chasing such deals remains limited to a small universe of buyers.

Coller Secondaries Private Equity Opportunities Fund will be seeded with over $300m from the firm and other institutional investors.

Ballast is led by managing partner Jon Popielarski, a former director of private assets at Employees’ Retirement System of Rhode Island.

Coller launched a platform targeting high-net-worth investors last year, led by UBS veteran Jake Elmhirst.

There was a sharp spike in the use of deferrals last year, driven by improved pricing for GPs and additional benefits for secondaries buyers, according to partner Gerald Cooper.