North America

Secondaries Investor reported in June that the technology, industrial and consumer-focused firm was working with Evercore on a transaction.

Co-advisory mandates have become an increasingly common trend in continuation fund deals.

The largest proportion – $400m – went towards private equity secondaries, according to the firm’s Q2 earnings presentation.

The decision to increase small/medium buyouts’ portfolio share falls in line with other large public LPs.

Evercore’s latest Secondaries Market Review paints a reassuring picture for the multiple new entrants to the venture secondaries market.

While this year has not seen a large-scale close, several funds with hefty targets remain in market.

Co-investment stakes included in GP- and even LP-led secondaries have become more prevalent as even direct investing LPs seek liquidity in the slow exit environment.

There are 10 such vehicles in market, according to Secondaries Investor data, targeting at least $4.3bn between them.

PJT Partners expects private equity secondaries to see $75bn of volume in H2 2024.

The single-asset continuation fund deal, which is around $400m-$625m in size, is in the process of closing, Secondaries Investor understands.