Western Europe

“What if tomorrow CDPQ in Canada and Allianz in Germany say they’re going to allocate €1bn to GP-leds every year? They could. They should even, to be honest,” says Reach Capital’s co-founder and managing partner William Barrett.

The mid-market specialist is seeking €1.5bn for Unigestion Secondary VI, according to Secondaries Investor data.

The new secondaries buyer founded by Mantra’s former head of secondaries Fabrice Moyne has an opportunistic and flexible approach across structures and strategies, its partners say.

The US has traditionally dominated the real estate secondaries market, but Europe and Asia are poised to make up ground.

CVC Capital Partners has kicked off plans to list on Euronext Amsterdam. It is expecting to raise a minimum of €1.25bn via the IPO.

The vehicle is targeting €1bn to focus on LP- and GP-led transactions as well as select co-investment opportunities.

LPs will be given the option to roll or sell on CVC’s continuation fund process for Multiversity, which is understood to be €1.5bn-€2bn in size, Secondaries Investor learns.

ICG LP Secondaries Fund I has completed seven transactions and is already around 50% committed.

AXA Investment Managers joins a growing list of players buying up secondaries shops as it plans to tap GP-led and direct secondaries opportunities in North America.

Andrew Gofton-Salmond, UK head of W&I at Mosaic Insurance, and Gabriel Boghossian, head of secondaries at Stephenson Harwood, explore the growing use of W&I insurance as a way of de-risking GP-led secondaries transactions and highlight some pitfalls to avoid.