Secondaries

While some LP consultants argue it is difficult for LPs to gain access to top-decile secondaries funds, Vermont CIO Eric Henry argues that mentality can also be applied to the primary market.

GP-led deals will be a common staple within the small- and mid-cap markets, where there is more runway for company growth, head of secondaries Richard Wilmes told Secondaries Investor on the back of the firm’s over €510m raise.

The Palico Price Indicator utilises more than 25,000 anonymised data points to offer valuation ranges, as well as insights into potential buyer interest, Secondaries Investor has learned.

The $38bn pension fund targets 40% in buyouts, 30% in secondaries, 20% in growth and 10% in venture capital within its PE portfolio, says CIO Hazman Hilmi Sallahuddin.

Continuation funds ‘need to be managed quite carefully, with a lot of communication and conflict management’, according to GIC’s Asia PE head Ankur Meattle.

A conversation with a secondaries player about an LP commitment sparked the former Cinven dealmaker’s idea to launch a tertiary platform.

The fund will target an even split of LP- and GP-leds, primarily in North America.

The fund has increased its secondaries budget to capture opportunities arising from market uncertainty, says private equity head Yasuyuki Tomita.

The Siguler Guff spin-out launched the fund earlier this year and is eyeing an end-of-year close, Secondaries Investor has learned.

The resources available to a manager conducting a CV on CV, as well as an asset’s exit prospects are key questions that should be considered, panellists at IPEM said.