Single Assets

Benoît Durteste says investing the capital would not be challenging – a change in tone compared with comments he made in September regarding larger GP-led deployment.

Ardian’s continuation fund for Syclef marks its first such transaction involving one of its own assets. It is also Astorg’s first deal for its single-asset strategy.

The French asset manager has closed a single-asset CV for a French cybersecurity company, Secondaries Investor has learned.

The firm disclosed the launch of its concentrated deal-focused GP-led strategy in May.

Many secondaries investors believe the sponsor-initiated secondaries market will exceed $70bn next year, according to a survey by the investment bank.

The School Employees Retirement System of Ohio recently confirmed a commitment to the continuation vehicle.

Gemspring plans to transfer Texas-based chemicals distributor Shrieve Chemical Company into a continuation fund.

Ardian has previously backed single-asset continuation funds out of its co-investment programme and via an SMA with a US public pension.

GP-led deals represented about 46% of the $40bn-$45bn of secondaries volume in the third quarter, according to research from PJT Park Hill.

The single-asset continuation fund deal is among many that are keeping secondaries professionals busy and sending the market to what could be record volume levels.