Secondaries

The USS sale marks the latest sizeable LP-led portfolio that Partners Group has backed in recent months.

Despite a record year for fundraising, growth in the secondaries market has been hampered by a lack of liquid capital.

Iron Road Partners’ Igor Rozenblit – former co-head of the SEC’s private funds unit – details concerns and red flags the regulator will be looking for following the passing of its private market rules last year.

The momentum on Fund VIII, which is targeting north of $10bn, is aiding its private equity secondaries vehicle targeting private wealth investors, according to chief executive Harvey Schwartz.

The country’s official cabinet has published a nine-point circular to ‘strengthen supervision’ on capital markets, including updates on listing process and delisting regulations.

Manulife Investment Management’s GP-led secondaries programme will seek out concentrated deals from the large-cap space through to the lower mid-market.

The SEC’s decision to grant Coller Capital and Pantheon permission to shop their secondaries-focused evergreen vehicles to high-net-worth investors could prompt more players to follow suit.

The deal is part of a wave of LP secondaries driven by fund investors’ desire to get proceeds from older funds.

‘Valuations have returned to a steady state, but GPs are facing more significant DPI challenges than ever,’ W Capital Partners’ David Wachter tells Secondaries Investor.

“What if tomorrow CDPQ in Canada and Allianz in Germany say they’re going to allocate €1bn to GP-leds every year? They could. They should even, to be honest,” says Reach Capital’s co-founder and managing partner William Barrett.