North America

Some firms have been through large secondaries processes in the past and are more familiar with how they work, according to sources.

The $550m multi-asset fund highlights the increasing adoption of the CV technology among mid-market sponsors.

Ardian has previously backed single-asset continuation funds out of its co-investment programme and via an SMA with a US public pension.

Chirag Shah previously spent over a decade leading fund investments and co-investments at various institutional investors including DB Private Equity and GE Asset Management.

The firm’s 2024 Global Fund Program raised just over $1bn.

Secondaries are carving out a greater share of the private real estate fundraising market following successive record fund closures in the past 18 months.

GP-led deals represented about 46% of the $40bn-$45bn of secondaries volume in the third quarter, according to research from PJT Park Hill.

The portfolio sale included full stakes in assets with vintages of 2013 and older and other partial stakes.

The sector’s rapid growth has impacted pricing in the secondaries market and shifted some large buyers’ behaviour.

The deal will allow GA to hold onto four assets, including website builder Squarespace.