Western Europe

Tender offers represent a reliable way for secondaries buyers to provide liquidity to private company shareholders, according to a report by Bryan, Garnier & Co.

Stephenson Harwood’s Gabriel Boghossian and Sarah de Ste Croix outline four main ways continuation funds in the real estate sector differ from their private equity cousins.

ICG Strategic Equity Fund V has already raised more than its $6bn target.

Two deals made up nearly half of the firm’s total secondaries investment volume last year.

While this year has not seen a large-scale close, several funds with hefty targets remain in market.

Thiha Tun has predominantly advised on complex LP-led deals in recent months, several of which involved buyers using continuation funds.

There are 10 such vehicles in market, according to Secondaries Investor data, targeting at least $4.3bn between them.

Fundraising in the first half dipped year-on-year to $34.5bn, with Hamilton Lane’s $5.6bn close on Secondary Fund VI marking the largest raise in H1 2024.

Trade group calls for LPAC consent in some cases, and for new fund documents to cover usage and limits.

A strip of performing loan investments have been moved off SMBC Group’s balance sheet to establish a new fund, according to a statement seen by Secondaries Investor.