Single Assets

The transaction run by Chicago-headquartered investment firm Tyree & D’Angelo Partners was oversubscribed, Secondaries Investor understands.

Single-asset continuation funds continue to deliver a higher average TVPI compared with multi-asset vehicles, according to a report from Evercore and HEC Paris.

Montagu Private Equity’s latest CV is one of the largest single-asset deals to come out of Europe this year as GP-led secondaries activity continues in earnest in the region.

‘We tend to like single-asset continuation vehicles if the story is right if it’s with a sponsor that we think is the right owner for that asset going forward,’ according to deputy CIO Allen Waldrop.

The deal is one of the rarer energy assets to make use of secondaries as a way to extend holds and deliver liquidity to limited partners in an older fund.

The CV from enterprise software investor is the latest deal from Europe, a region that continues to be on a GP-led tear.

The deal marks at least the third European CV backed by Carlyle AlpInvest and HarbourVest this year.

The wider deal, including joint venture partner Nestlé’s own equity portion, is €6.5bn in size, Secondaries Investor understands.

Continuation funds ‘need to be managed quite carefully, with a lot of communication and conflict management’, according to GIC’s Asia PE head Ankur Meattle.

ADIA has backed Beijing-based GL Capital’s single-asset CV just months after it emerged as a co-lead buyer on Tikehau Capital’s continuation fund.