Single Assets

The ninth edition of our law firm survey shows top law firms advising on a collective $1.03tn of transaction volume, nearly $150bn greater than cumulative numbers seen last year.

Last quarter saw 11 continuation vehicles close, with a dozen more hitting or looking to hit the market, according to data gathered by Secondaries Investor.

Corsair has raised a multi-asset CV for three assets, with the remaining exposure in one of the assets being moved to another vehicle.

The separately managed account will invest into two Lexington funds, as well as co-investment opportunities.

Part of Vista Equity’s contribution to the deal will come through its private wealth channel, a source said.

After hearing pitches from more than 50 suitors over the years, Kline Hill found a match in TA, managing partner Mike Bego told Secondaries Investor.

Managers will seek to tap the secondaries market to keep hold of their prized assets while M&A remains muted – however, the single-asset space remains significantly undercapitalised.

The two continuation funds involve four assets from Leonard Green’s 2011-vintage Green Equity Investors VI, which NIC backed in 2011.

The process, involving a fast-casual Mexican food chain, adds to the trend of restaurant businesses being rolled into CVs.

Here are responses from industry thought leaders including Goldman Sachs, Carlyle, Apollo and NYCRS across areas such as dealmaking, fundraising and secondaries.