News & Analysis

The CV from enterprise software investor is the latest deal from Europe, a region that continues to be on a GP-led tear.

The deal marks at least the third European CV backed by Carlyle AlpInvest and HarbourVest this year.

The $524.4bn investor has been actively using the secondaries market as a portfolio management tool, as well as for buyside opportunities.

While some LP consultants argue it is difficult for LPs to gain access to top-decile secondaries funds, Vermont CIO Eric Henry argues that mentality can also be applied to the primary market.

GPs need to be transparent with LPs about the impacts of having GP-led deals in co-investment funds, Partners Capital’s head of co-investments Adam Spence says.

The Palico Price Indicator utilises more than 25,000 anonymised data points to offer valuation ranges, as well as insights into potential buyer interest, Secondaries Investor has learned.

The deal is the largest Dawson has completed and comes as the firm continues to raise its largest flagship vehicle to date.

The $38bn pension fund targets 40% in buyouts, 30% in secondaries, 20% in growth and 10% in venture capital within its PE portfolio, says CIO Hazman Hilmi Sallahuddin.

The wider deal, including joint venture partner Nestlé’s own equity portion, is €6.5bn in size, Secondaries Investor understands.

Continuation funds ‘need to be managed quite carefully, with a lot of communication and conflict management’, according to GIC’s Asia PE head Ankur Meattle.