Secondaries

The firm is looking to double the size of its ‘small but mighty’ secondaries team in the next 18 months.

More capital was raised for secondaries in the first six months of this year than any other first half since the strategy’s inception.

One of the assets involved was being mulled for a separate CV managed Carlyle in a process that has since been dropped, Secondaries Investor understands.

While real estate assets can see discounts upward of 50% of NAV, buyers are still bullish on the strategy’s long-term growth.

Sports-focused foundation joins a number of APAC institutions seeking liquidity via the secondaries market this year.

The heavily oversubscribed fund will hold two assets Seven2 has minority stakes in.

This is at least the second time IDG has tapped the secondaries market for a CV deal, having previously completed a GP-led five years ago.

While CalPERS has been a net buyer of secondaries in the past, poor distributions from private equity assets in these particular vintage years would cause the LP to look at opportunistic sale processes of certain managers.

One of the assets in the two-company continuation fund is housed within an existing multi-asset CV closed in 2022, Secondaries Investor has learned.

In addition to its largest round of partner promotions ever, the firm promoted eight new managing directors.