News & Analysis

The sovereign wealth fund deployed significant capital into secondaries opportunities across private equity and infra last year.

LGT Capital Partners and Future Standard have lined up as buyers on a company Incline acquired two years ago, Secondaries Investor understands.

The €590bn Dutch pension manager’s sale is a re-engagement with the market after the system pulled a similar offering last year.

The Chicago-based firm previously ran a continuation fund process on insurance company AssuredPartners, which was later sold in an M&A deal.

Unlike more traditional continuation fund deals, no assets or fund stakes are being rolled into a new vehicle in this deal.

The firm, which was founded by former Cinven dealmaker Caspar Berendsen, will seek to acquire interests in funds that have underlying investments in mid- and large-cap PE buyout vehicles.

While more buyers are coming into the smaller end of the CV market, there remains less competition compared with larger deals creating room for steeper discounts, according to a report.

A key concern is that a GP may not have market-tested the highest selling price of an asset, according to the $212bn pension’s senior investment officer for PE.

The fund is over half the size of its predecessor, which closed on $14.2bn in 2023.

The development comes a week after it emerged that UBS’s former EMEA head Sandro Galfetti had joined Houlihan Lokey.