Secondaries

Though India’s secondaries market remains comparatively nascent, its development has been bolstered in recent years by a confluence of regulatory changes, favourable market conditions and successful case studies.

The firm reportedly paused a multi-asset CV involving this asset in 2023.

One of the assets was partially realised by Permira last year, with the other involved in a take private deal this year, Secondaries Investor understands.

ICG has once again stepped up as a lead investor on CapVest’s CV, having led the original continuation fund for Curium in 2020.

With more players and larger funds, the secondaries market is seeing a lot of CVs north of $1bn. The long-term growth of sizeable deals requires significant backing.

The deals add to what has been a busy year for the Canadian pension, which has been an active participant on the buy and sellside of the secondaries market.

The listed asset manager has hired former Partners Group managing director Henri Lusa to head up the unit, according to a statement seen by Secondaries Investor.

New Mountain continues to build out its GP-led strategy following the hire of its co-lead Neal Costello from Carlyle AlpInvest earlier this year, Secondaries Investor has learned.

While LPs are ‘not leaving’ impact, investors have limited capital to deploy into the market, which is heavily dominated by emerging managers, a secondaries buyer said at PEI Group’s New Private Markets Investor Summit.