North America

Secondaries volumes in Q1-Q3 2024 match the full-year total for 2023, according to PJT’s Q3 2024 Secondary Market Insight report.

TPG GP Solutions has been an active backer of GP-led continuation funds across North America and Europe following its launch in January 2022.

LP sales accounted for about $40bn, or 59% of activity in the first half, according to Jefferies’ half-year volume report.

The firm, founded by a former StepStone partner, focuses on GP-leds and direct secondaries.

The single-asset continuation fund deal is among many that are keeping secondaries professionals busy and sending the market to what could be record volume levels.

The treatment of co-investments in continuation vehicles could provide guidance on how things may play out when PE-backed portfolio companies with a broad-based employee stock ownership plan are rolled into a CV.

The portfolio was offloaded by a US-based institutional seller and comprises over 1,500 loans.

A study by the bank and the HEC School of Management has also reinforced earlier findings that single-asset CVs perform largely in line with buyout funds, while offering lower return dispersion.

The process highlights the potential use of GP-led technology for longer holds on restaurant chain businesses.

The firm is fresh off raising its largest fund ever, StepStone Secondary Opportunities Fund V, which totalled $7.4bn across its entire programme.