Western Europe

The secondaries giant has replaced Bregal Investments as the sole LP in the European buyout fund, allowing the GP to complete a spin-out.

Crown Global Secondaries V has been in market since late 2019 targeting $3.8bn, around one-third more than it raised for its 2016-vintage predecessor.

The moves come two months after the secondaries giant closed its latest and biggest fund on $9bn.

Golding Secondaries 2019 held a first close in March 2020 and will back a mix of LP- and GP-led deals across private equity, debt and infrastructure.

Mika Hakola joined the asset manager in 2015 to help build out its secondaries business, which targets LP- and GP-led deals in the Northern European mid-market.

Christophe Bavière will step aside as chief executive of the firm after two decades and join the board of Eurazeo, which acquired a stake in the mid-market firm in 2018.

Appointments follow those of executives from Morgan Stanley, Greenhill and Goldman Sachs in the last six months.

Two managing directors have been made partners of the Carlyle Group as the firm prepares to expand its London-based secondaries team.

Ropes & Gray advised on more than 150 deals worth $17.5bn in 2019, according to the Secondaries Investor Law Firm Survey 2020.

The independent advisory industry has had to navigate a material increase in regulatory burdens due to the UK’s departure from the EU, chief executive Andrew Sealey told Secondaries Investor.