Western Europe

While it’s easy to point to liquidity constraints as an anomaly, the market believes secondaries’ record-breaking streak should continue.

The fund has invested nearly $3bn as of June, according to documents from the MWRA Employees’ Retirement System.

LP-led deals accounted for $40bn of the $68bn of global secondaries volume seen in H1 2024 as bid-ask spreads narrowed.

Of the $27.6bn of GP-led activity seen in the first half, $17.2bn was deployed into single-asset or highly concentrated continuation funds, according to the adviser’s mid-year report.

LP-led deals made up 57% of volume as pricing increased for buyout, credit, and venture and growth, according to the adviser’s half-year report, shared with Secondaries Investor.

The deal is part of a series of large LP sales driven by liquidity concerns, the need to rebalance investment exposures in investment portfolios and strong pricing for high-quality private markets funds.

The Paris-headquartered firm raised €200m for its debut secondaries fund last year.

One-third of respondents to Secondaries Investor‘s latest survey of intermediaries say they worked with another adviser on a transaction during the reporting period.

Pricing for high-quality inflection assets with material upside has tightened to the low- to mid-90s, according to chief executive David Layton.

More transactions are using a delayed payment structure in a bid to bridge mismatches in pricing expectations.