Single Assets

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.

The resources available to a manager conducting a CV on CV, as well as an asset’s exit prospects are key questions that should be considered, panellists at IPEM said.

ChrysCapital closed a roughly $700m continuation vehicle last year to house its stake in the National Stock Exchange of India.

The deal marks the latest single-asset process for CVC, which moved Italian online university group Multiversity into a continuation fund last year.

Secondaries buyers have lined up to back the deal, which is set to close this month, Secondaries Investor understands.

LGT Capital Partners and Future Standard have lined up as buyers on a company Incline acquired two years ago, Secondaries Investor understands.

The Chicago-based firm previously ran a continuation fund process on insurance company AssuredPartners, which was later sold in an M&A deal.

A key concern is that a GP may not have market-tested the highest selling price of an asset, according to the $212bn pension’s senior investment officer for PE.

Buyers on the deal include Coller Capital, Apollo S3, CVC Secondary Partners and Hollyport Capital.