News & Analysis

‘The returns have been very strong over time in this area, and that’s making it attractive to investors,’ COO Jonathan Gray said of Blackstone’s secondaries business.

CVs of CVs have become a popular tool to maintain control of trophy assets, with several processes launching this year.

The transaction involves a continuation fund-like structure, Secondaries Investor understands, and includes an option for backers of the UK investment trust to roll into a new fund, filings show.

Available secondaries capital grew to a record high of $302bn in the first half, with aggregate NAV of retail vehicles managed by secondaries investors surpassing $80bn as of March, according to a report from Jefferies.

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Volume surpassed most full-year totals from the past decade in the wake of recent geopolitical tensions and macro uncertainty.

The secondaries vehicle exceeded its initial target by nearly three times.

CVC is the latest manager to seek out a large continuation fund for a Europe-headquartered asset, Secondaries Investor has learned.

Venture capital firms are motivated to find ways to return capital to their LPs. Beyond continuation funds, these managers are running strip sales, preferred equity deals and tender offer processes to generate liquidity.

Secondaries buyers have been eyeing both RMB- or USD-denominated opportunities in China as managers contend with a dearth of exits, investment principal Karen Tse tells Secondaries Investor.