Secondaries

After hearing pitches from more than 50 suitors over the years, Kline Hill found a match in TA, managing partner Mike Bego told Secondaries Investor.

Mid-market-focused secondaries firm SQ Capital was launched in January by Blackstone’s former global head of GP stakes Mustafa Siddiqui.

The record fundraise bests a previous mark set by Goldman Sachs as the manager aims to take advantage of tariff turmoil.

Opinions vary over whether the asset class will outstrip 2024’s record-breaking deal volume total, or whether recent uncertainty will cause it to miss the mark.

The denominator effect will resurface in 2025, motivating LPs to sell into the secondaries market for active portfolio management, according to a report from PJT.

Secondaries investors are ‘adding the equity risk premium for all the unknowns’ and breaking down deals into smaller bites to better manage risks.

The two continuation funds involve four assets from Leonard Green’s 2011-vintage Green Equity Investors VI, which NIC backed in 2011.

In this podcast, PEI Group editors discuss what GPs say they’re focusing on amid the trade war-induced uncertainty, how the secondaries market stands to benefit, and how investors are reacting to the volatile environment.

The median MOIC for continuation funds slightly outperforms that of buyouts, in line with findings presented early last year including a larger data set, according to a report.

The acquisition provides Sagard a ‘significant expansion’ into secondaries as it seeks to scale its evergreen product offering, chief executive Paul Desmarais III told Secondaries Investor.