North America

The firm is seeking $500m for a dedicated GP-led vehicle which has the potential to deliver enhanced returns.

Processes involving oil and gas assets have seen 2x oversubscribed interest with cashflow yields between 20-30%.

LPs are turning to the secondaries market to address liquidity constraints amid improved pricing, as compelling supply/demand dynamics and structural innovations help fuel LP-led dealflow.

Clean Growth VI is 60% invested and its first distributions are scheduled for later this month.

The firm was one of the backers of a $1.2bn private debt deal with Guggenheim Investments last month.

The sponsor-initiated secondaries market will hit a stumbling block if incumbent LPs’ needs and wishes aren’t prioritised over those of incoming ones.

Going beyond standard commitment expectations in continuation fund transactions can help sponsors demonstrate alignment.

Details of the strategy, including that it will target a balance of continuation vehicles and LP-leds, come four months after Secondaries Investor reported the platform was to launch a product.

On the back of the firm’s $3.4bn raise for its latest real estate secondaries fund, Harold Hope, global head of Goldman Sachs’s Vintage group, says a major repricing of assets is presenting more attractive entry points for buyers.

Some LPs not in need of liquidity use the secondaries market as a way to tweak their portfolio’s construction, which is the case with IMCO.