North America

The SPV is set to finance the growth of portfolio company, Argano, and support shareholder buybacks to consolidate Trinity Hunt’s ownership of the asset, Secondaries Investor understands.

In this episode of our Second Thoughts podcast, senior leaders from Lexington Partners, Proskauer and StepStone Group discuss the burgeoning space and the impacts of capital-raising efforts there on the secondaries market.

Geopolitical tensions and liquidity strains could lead to a 50% year-over-year volume increase.

The manager’s latest report estimates RE secondaries saw more than $24bn in volume last year.

While the firm missed its $1bn target, the vehicle was almost double the size of its predecessor which closed on $456m in 2019.

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

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.

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.