North America

CFES 2 is a multi-strategy impact fund, NPM has learned – the latest in a handful of climate and impact funds with secondaries strategies.

Goldman Sachs Asset Management’s predecessor fund, which closed on $2.75bn in 2020, is the third-largest real estate secondaries fund to date.

Secondaries advisory has become a desired function at investment banks, and many smaller, mid-market focused financial institutions brought on secondaries talent in recent years.

New players will bring ‘significant amount of capital into… a market that’s capital-starved’, Evercore’s Nigel Dawn tells senior editor Adam Le.

The deal is an example of the kind of complex transactions LPs can use to capture liquidity from their private equity programmes at a time of slow exit activity.

‘The easy transactions to quickly pass on are those with bad motivations or with the wrong asset,’ Sanabria tells Secondaries Investor’s Adam Le.

The more ambitious goal may owe to an anticipated surge in secondaries investing, driven by pent-up demand, especially among cash-hungry LPs.

ICG and Kirkbi A/S acquired Minimax in 2014 with ICG and co-investors acquiring Kirkbi’s stake in 2018.

Panellists at PEI Group’s NEXUS 2024 summit discuss the blurring of the lines between secondaries and co-investments.

A panel of LPs at PEI’s NEXUS 2024 summit discussed trends and themes in private equity, including the use of secondaries to rebalance portfolios.