North America

The endowment increased its 2026 policy target for private equity, looking to hit a 30% allocation mark in coming years.

With the number of buyout-backed companies growing and exits not keeping up, funds are finding themselves with almost no dry powder.

While real estate assets can see discounts upward of 50% of NAV, buyers are still bullish on the strategy’s long-term growth.

The firm often needs to balance its institutional expertise with the specific needs of wealth capital to address concerns around liquidity and concentration risks.

The deal highlights GA’s ongoing use of CVs and ICG’s focus on single-asset transactions.

The firm wants to move around eight assets into a separate vehicle to extend their hold periods.

Novacap acquired Revau in 2020 through its first financial services fund, which it closed in 2021 on C$417m.

The average reported deal value per adviser went up $3bn from 2023, reflecting a surge in activity as secondaries activity hit historic levels in 2024.

The Trump administration’s OBBBA was expected to induce once-in-a-lifetime secondaries opportunities. However, heavy taxes on foreign investors may now be off the cards.

The investment firm deployed $700m in GP stake secondaries alone in 2024, including a single transaction valued at over $500m, founder and chief investment officer Christopher Zook said.