North America

The deal marks the first CV for mid-market specialist Estancia Capital Partners, Secondaries Investor understands.

Montana Capital Partners acquired the interests via a strip sale which it then transferred over to a new vehicle managed by Prudential Financial.

Credit transactions accounted for 8% of the total $89bn LP-led volume last year, according to a report from Evercore.

The single-asset process will allow the firm to hold onto a software company which was part of a multi-asset deal it ran in 2019, Secondaries Investor has learned.

While there was a flurry of LP-led activity in Q1, much of this was driven by processes that fell into the new year from 2024, according to panellists at a BVCA secondaries summit last week.

HarbourVest and Goldman Sachs are understood to be the lead buyers on the multi-asset continuation fund and a single-asset continuation fund, respectively.

New Mountain Capital has been been communicating with LPs about the formalisation of its CV strategy in recent months.

The firm is considering the strategy at a time when several traditional private equity buyout firms have expanded their capabilities into GP-led secondaries, while others are making moves into the space.

The infra secondaries market saw $40bn to $45bn of potential dealflow last year, attendees at PEI Group’s Infrastructure Investor Global Summit heard.

Andrew Ward joins Mike Catts as one of two partners in the firm’s New York office.