North America

Head of secondaries Cari Lodge tells Secondaries Investor about deployment plans for the firm’s fourth secondaries vehicle, which closed on $1.1bn earlier this month.

The deal would allow Rubenstein to sell partial stakes in several assets, which will support his investment in the Baltimore Orioles Major League Baseball franchise, sources said.

In this second episode of the Decade of Secondaries Investing miniseries, Blackstone’s Verdun Perry and Evercore’s Nigel Dawn look at how the continuation fund market has evolved over the last decade and how it may evolve in the years to come.

The deal is part of a wave of LP secondaries driven by fund investors’ desire to get proceeds from older funds.

‘Valuations have returned to a steady state, but GPs are facing more significant DPI challenges than ever,’ W Capital Partners’ David Wachter tells Secondaries Investor.

The innovative transaction involves StepStone providing funding for MLC Private Equity’s seed portfolio and additional capital for its new investments.

The Decade of Secondaries Investing podcast miniseries celebrates 10 years of Secondaries Investor with reflections on key trends that have shaped the market, as well as a glimpse into what likely lies ahead.

Hudson Structured Capital Management has moved five assets out of a multi-sector insurance-focused fund into a continuation vehicle.

Dawson believes it can differentiate itself in a rapidly growing secondaries market by using scale, founder and managing partner Yann Robard tells Secondaries Investor.

While Leonard Green’s transaction is giving cash-out LPs the benefit of both processes, the ‘quick flip’ issue remains controversial in continuation fund deals where assets are quickly exited.