Secondaries

The firm took up a managing director from its founder’s old employer, while tapping three other firms to expand its platform.

There is an expectation that tender activity will increase as GPs look for ways to deliver liquidity back to LPs as exits slow, and at the same time boost fundraising in the sluggish environment.

Eurazeo and Pantheon are also understood to be participating in the transaction in the buyout firm’s 2013-vintage Fund IV.

LP portfolios accounted for close to half of the roughly $106bn in volume last year, according to the advisory firm and placement agent’s 2023 Secondary Market Overview.

The appointment comes as former secondaries head Sabina Sammartino leaves after eight years at the placement agent and advisory firm.

As managers and investors continue to struggle with liquidity issues, it is no longer business as usual for real estate recapitalisations.

A proliferation in specialist funds and an increase in LP- and GP-led dealflow all point to the maturation of the infrastructure secondaries industry.

As the bank brings its latest GP-led fundraise to a close on $2.5bn, Nash Waterman, head of private equity secondaries, says the opportunities it sees in the sprawling mid-market are ‘enormous’.

Listed manager Bridge Investment Group is eyeing further secondaries strategy growth, particularly when it comes to its own area of focus: real estate.

Single-asset continuation funds comprised around 40% of GP-led secondaries volume in 2022, down from 52% the prior year, according to Lazard’s Secondary Market Report 2022.