North America

The mid-market-focused firm is more than two-thirds towards the target of its third vehicle.

Secondaries is one of four verticals the Canadian asset management giant could look at for an acquisition.

Whitehorse Liquidity Partners VI would be 13% larger than its predecessor, which closed on $5.3bn in July.

US mid-market GP-led transactions are having a moment. What is driving activity in this space, and is it expected to last?

GP-led secondary deals like single-asset continuation funds represented about 40% of estimated total market volume in the first half, according to Lazard’s first-half volume report.

With sluggish fundraising and GPs often desperate for capital, LPs are in a stronger position to demand certain concessions that may have been unworkable in the bull market years.

LPs are facing a difficult choice as they balance liquidity challenges with the deep discounts on offer in the secondaries market.

There have already been some notable improvements in LP-led pricing in Q3 this year, according to a buyer survey from the advisory firm, shared with Secondaries Investor.

Presenting the latest instalment of Second Thoughts, a special series from Secondaries Investor that delves into the latest trends affecting the fastest-growing market in alternatives.

Rather than wait out overallocation, LPs have headed to the secondaries market to continue their investments into private assets. The opportunities, however, far outstrip demand.