North America

Ballast is led by managing partner Jon Popielarski, a former director of private assets at Employees’ Retirement System of Rhode Island.

There was a sharp spike in the use of deferrals last year, driven by improved pricing for GPs and additional benefits for secondaries buyers, according to partner Gerald Cooper.

Secondaries Investor reported in December that the Canadian pension giant had teamed up with Lexington Partners to lead the transaction.

Smaller discounts to NAV mean there is a potential window of opportunity that some LPs want to take advantage of before market dynamics change.

Whatever happens to the SEC rules, the trade group hopes the industry can unite to raise the floor on transparency.

Updates to how effectively connected income is treated may lead to an easier and more standardised process for secondaries transfers, argue lawyers from Macfarlanes.

Ares Management data, shared with Secondaries Investor, shows deal volume for the asset class fell 21% in 2023 from the record $12.4bn clocked the year prior.

A record one-in-five investors are planning to invest in the strategy, according to affiliate title Private Debt Investor’s latest LP Perspectives Study.

GP-led deals represented about 44% of the approximately $109bn in total volume last year, with single-asset transactions representing the majority of such deals.

The final close of TPG GP Solutions will be one of the key pillars driving the firm’s growth in 2024, CEO Jon Winkelried said in its latest earnings call.