North America

Ares is the latest manager to raise a fund dedicated to providing structured products to GPs.

The firm has been raising its first pool focused on GP-led deals, collecting about $1.4bn on a $2bn target, PEI Secondaries Investor understands.

Huang Burns joins the firm’s secondary investments team as a partner and will work with primary and venture growth teams to source LP interest and continuation vehicle deals.

The process follows a larger deal the endowment secured last year, where it offloaded between $3bn-$4bn of private equity stakes with pricing in the mid-90% of NAV.

The proposed purchase would increase VPIC’s exposure to an existing manager while helping close its $27m farmland allocation shortfall.

Vivara Capital will target purpose-driven companies that are ready to scale but held by ageing funds, Rekha Unnithan told affiliate title New Private Markets.

The hires follow senior departures within Morgan Stanley’s secondaries advisory business earlier this year.

After years of buying and selling secondaries as an allocator, Yangge Seaman believes that while institutional investors often have the appetite and capital to pursue deals, they aren’t able to follow through. Her new firm, Gordian Investment Group, aims to bridge that gap.

Golub Capital launched its GP-led strategy last September, pledging to commit $1bn.

Bridgepoint’s and PennantPark’s continuation vehicles will acquire a total of roughly $2bn of private credit investments.