Direct Secondaries

Mubadala builds third-party capital with BlackRock process

The asset management arm of Abu Dhabi’s second-largest SWF has sold a portfolio of assets to a group led by BlackRock and received a $400m primary commitment.

Japan-based Ant Capital execs to form independent secondaries unit

The new entity – Bee Alternatives – plans to raise approximately $280m across two feeder funds, one managed by the firm and another by Ant Capital.

Shackleton back with fifth direct secondaries fund

‘Are we smart financiers or do we really get into the technology? No, we’re psychologists’, managing partner Hugh Stewart tells Secondaries Investor.

Sweetwater sets high target for sophomore fund

The California firm, founded by StepStone’s former secondaries head, targets ‘buyer-driven’ secondaries deals in the tech, healthcare and consumer sectors.

TempoCap nets 11x on Depop secondary exit

The direct secondaries investor has made three exits in as many months and is mulling its first commingled fundraise.

APG exec jumps to Argosy Capital for secondaries build-out

Argosy Strategic Partners is led by former Willowridge Partners executive Christopher Kim and targets small portfolio and direct secondaries deals.

TR Capital backs hybrid Chinese GP-led restructuring

TR’s deal uses China’s QFLP structure, which permits select foreign managers to invest onshore in yuan using capital raised offshore.

Tail-end portfolios rebounding in 2021 – Elm Capital

Activity is driven by secondaries and funds of funds aiming to lock in returns and liquidate old vehicles, according to managing partner Etienne Deshorme.

Compass exits Glendower, HarbourVest-backed lens manufacturer

Compass Partners built its position in Rodenstock via two direct secondaries transactions funded by secondaries buyers.

Industry Ventures eyes later-stage VC-backed companies with latest raise

Secondary Fund IX is the largest raised by the San Francisco-based manager across its secondaries, fund of funds and direct co-investment platforms.