North America

Panelists say fundraising growth can boost bidders and cut pricing spreads.

The firm promoted eight professionals to partner and 18 to managing director.

Primary Venture Partners ran the secondaries process to generate liquidity for limited partners in its first fund.

Secondaries capital that comes with deep sector expertise may define the next iteration of the GP-led market.

More than one in four GPs used the secondaries market to extend hold periods, while a further 18% were enticed by unfunded commitments, according to the investment bank.

The system recently changed its policy to allow for quick commitments to continuation funds.

LP portfolio sales led volume last year, clocking in at an estimated $60bn out of a total of $115bn, according to PJT Park Hill’s full-year volume survey.

The amount of capital raised for the strategy last year eclipsed the previous $101bn record set in 2020, data from Secondaries Investor shows.

The Blackstone unit previously raised $3.75bn for its third programme focusing on the asset class.

Sebastien Siou, who has prior experience at Whitehorse Liquidity Partners and CPP Investments, joined the LP secondaries firm this month.