Secondaries

Sixty percent of mega-buyers transacted on assets that generated a gross MOIC return of 3-4x, according to PJT Park Hill’s half-year report.

The $173bn institution is offloading PE stakes via secondaries as it looks to deploy more capital into directs, global PE head Jim Pittman says.

The process is an example of the kind of challenges faced by secondaries participants, with pricing discrepancies continuing to prevent sales from making it to final close.

Listed alternative asset managers have been sharing their outlooks and fielding questions from analysts on the secondaries market.

GP-led transactions comprised 39% of secondaries transaction volume in the first half, according to Greenhill’s H1 2023 secondary market review.

TPG GP Solutions has ‘line of sight” to reach $1bn, CEO Jon Winkelried said in the firm’s second-quarter earnings call.

The firm, founded by Siguler Guff‘s former secondaries head, is yet to hold the final close for Banner Ridge Secondary Fund V, Secondaries Investor understands.

Clark joins the Magic Circle firm as head of its global funds practice from Goodwin.

The vehicle, which is around 30% larger than its predecessor, has been in market for just over two years and is already one of the largest dedicated standalone funds for secondaries.

Activity has slowed compared with last year’s figures, when the market saw $54bn of volume in the first half.