News & Analysis

The Paris-headquartered firm has raised €180m for Mantra Secondary Opportunities III, topping its target of €150m, according to a source.

The UK-headquartered internet of things connectivity provider is held in Montagu V, which raised €2.75bn by final close in September 2015.

The secondaries market is growing significantly, driven in part by GP-led deals. Yet this is only the start of its transformation, say Evercore’s Lea Lazaric Calvert, Jasmine Hunet Lamourille and Francesca Paveri.

The vehicle will focus on preferred equity, NAV-based lending and have a pocket to make secondaries investments with sub-private-equity return profiles.

Strong currents also point to much more opportunistic buying and selling, according to affiliate title Private Equity International’s LP Perspectives 2022 Study.

UBS’s 2008-vintage infrastructure fund holds a stake in Southern Water, which is trying to come back from a record fine for environmental breaches.

The Stamford-headquartered firm aims to be ‘the biggest small guy’ in secondaries, targeting inefficiencies in the lower-mid market.

The London-based secondaries buyer is targeting $585m for Keyhaven Secondaries Fund III, Secondaries Investor reported in November last year.

The private assets secondaries market could be more liquid for large LPs than public markets, according to Ardian’s former fund of funds head.