North America

The momentum on Fund VIII, which is targeting north of $10bn, is aiding its private equity secondaries vehicle targeting private wealth investors, according to chief executive Harvey Schwartz.

The deal is an example of the type of ‘clean up’ deals routinely run by fund of funds and secondary shops.

Large-cap contemporaries including Apollo Global Management and Leonard Green & Partners have launched or are launching buyside businesses focusing on the strategy.

All four of Glendower’s active secondaries funds have achieved their expected MOIC, according to CVC’s IPO prospectus.

The firm’s incoming CEO aims to provide private wealth investors with access to a full suite of investment strategies, including secondaries.

In this third episode of the Decade of Secondaries Investing miniseries, Goldman’s Harold Hope and Lazard’s Holcombe Green discuss how continuation fund technology has developed to facilitate single-asset continuation funds and the runway for further growth.

Reports of the benefits of preferential terms for investors who negotiate and structure a deal may be greatly exaggerated.

The venture secondaries firm plans to use equity investments and structured financings, and will deploy capital via GP- and LP-facing transactions.

Manulife Investment Management’s GP-led secondaries programme will seek out concentrated deals from the large-cap space through to the lower mid-market.

Capital raising for private equity secondaries strategies plummeted 77% year-on-year for the three months to end-March, according to PEI data.