North America

It will be bigger, bolder and deliver significant networking time in the Florida sunshine.

A quick exit out of a continuation fund can also raise questions about whether a GP knew about a potential exit even while pursuing the continuation fund, or if the offer came out of the blue.

Longstanding LP relationships and market dynamics helped the firm raise the biggest pool of capital for venture secondaries, according to partner John Avirett.

Fund of funds sales represented the majority of LP transactions by asset managers last year, according to a recent full-year 2023 volume report.

The Point Investment sale is part of a wave of LP secondaries driving activity in the market this year.

Raymond James, Evercore, Jefferies and Campbell Lutyens are in the wings for the pension fund’s secondaries sales route.

Secondaries investors in the $1.1bn continuation fund also committed to the firm’s latest fund in market, which closed on more than $2.3bn.

The firm, founded by ex-Morgan Stanley and ex-Apollo execs, is planning to add a few more hires by the end of the year.

The single-asset continuation fund process is part of a wave of such deals GPs are attempting as a way to deliver proceeds to limited partners in older funds at a time of slow exit activity.

Most secondaries funds in a US pension’s list of 21 vehicles target a net IRR of at least 15% and a return multiple of at least 1.5x.