Single Assets

Of the $27.6bn of GP-led activity seen in the first half, $17.2bn was deployed into single-asset or highly concentrated continuation funds, according to the adviser’s mid-year report.

LP-led deals made up 57% of volume as pricing increased for buyout, credit, and venture and growth, according to the adviser’s half-year report, shared with Secondaries Investor.

Secondaries Investor reported in May that CVC Secondary Partners and Pantheon were leading the transaction around TIC asset Normec.

Processes involving oil and gas assets have seen 2x oversubscribed interest with cashflow yields between 20-30%.

The deal is in the early stage and marks Clearlake’s continued efforts to build up its single-asset CV programme.

Diversis, formed in 2013, acquired a majority stake in Tempo in 2018, and bought the rest of the company in 2022.

The single-asset continuation fund process is part of a wave of such deals GPs are attempting as a way to deliver proceeds to limited partners in older funds at a time of slow exit activity.

For the Decade of Secondaries Investing podcast miniseries, industry veterans Jeremy Coller and Yann Robard sit down with senior editor Adam Le to discuss the proliferation of non-traditional strategies and how this will fuel the industry’s growth.

Strategic Equity V is already larger than its $5.3bn predecessor, according to chief investment officer and chief executive Beno​ît Durteste.

The transaction is in the early stages and could reach $2bn in size, sources have told Secondaries Investor.