Secondaries

After years of buying and selling secondaries as an allocator, Yangge Seaman believes that while institutional investors often have the appetite and capital to pursue deals, they aren’t able to follow through. Her new firm, Gordian Investment Group, aims to bridge that gap.

Golub Capital launched its GP-led strategy last September, pledging to commit $1bn.

While an increasing number of LPs are embracing CVs, they remain wary of overreliance on the structures, said panellists at IPEM Global in Paris.

Being a ‘co-operative partner’ during LP-led transactions can have hidden benefits, a private equity GP tells PEI Group’s Commitment Issues podcast.

Continuation vehicles are succeeding because they’re solving real problems for LPs.

The fund aims to capitalise on surging investor interest in infra CVs and strong tailwinds in the aquaculture market to support the global expansion of wellboat company Sølvtrans.

The CV for a Netherlands-based industrials asset will see around €1bn-€1.2bn of new equity with a ‘significant amount’ of rollover, PEI Secondaries Investor understands.

Thanks to ongoing LP acceptance and secular tailwinds, continuation vehicles in infrastructure are getting a new lease of life.

As buyers position themselves in the market, they need to ensure they have all the ‘whistles and bells’ to cater to sellers and investors, CVC Secondary Partners’ head, Carlo Pirzio-Biroli, tells PEI Secondaries Investor.

Bridgepoint’s and PennantPark’s continuation vehicles will acquire a total of roughly $2bn of private credit investments.