North America

Panellists at PERE’s Europe Summit this week agreed on one thing: There are more opportunities than you can poke a stick at.

The denominator effect combined with a need for liquidity has delivered a boost to the nascent credit secondaries market.

CRPTF’s investment advisory committee approved $350m in commitments, split equally between HarbourVest’s latest flagship secondaries fund and a connected co-investment vehicle.

Details of the firm’s Dover Street XI fund and HarbourVest’s Secondary Overflow Fund V were included in board documents for a US public pension plan this month.

David Overton will be joined by two investment professionals who will relocate from the secondaries firm’s Switzerland headquarters.

LP sales were expected to kick off a resumption of robust secondaries activity after a slowdown late last year, with external factors such as the collapse of Silicon Valley Bank keeping activity muted.

The US regulator’s vote this week to require greater disclosure from private fund sponsors is the tip of the upcoming regulatory iceberg.

More capital was closed on for private equity secondaries in the first quarter of the year than for any other strategy outside of buyouts.

Sponsor-initiated processes will have to be reported to the regulator within 60 days from the end of each quarter.

The average number of secondaries transactions advised on sat at 24 in a year where overall secondaries market volume was estimated at around $110bn.