Single Assets

The firm had considered running a process on the same portfolio company at the end of last year, Secondaries Investor has learned.

Infrastructure and real assets accounted for around 9% of estimated total volume in the first half, according to Greenhill & Co’s latest volume survey.

Three buyers co-led the novel transaction involving insurance asset Markerstudy, which was separately involved in an M&A process.

Sources point to an influx of deals hitting the market toward the end of summer that may drive volume, especially as pricing has improved.

GP-led secondary deals like single-asset continuation funds represented about 40% of estimated total market volume in the first half, according to Lazard’s first-half volume report.

Such deals – where the sponsor retains exposure to an asset – can simplify the exit process via an external buyer determining the valuation.

Single-asset deals priced at more than 9 percentage points higher than their multi-asset counterparts in the first half of this year.

The deal is said to be set to deliver a monster return to selling LPs.

Sixty percent of mega-buyers transacted on assets that generated a gross MOIC return of 3-4x, according to PJT Park Hill’s half-year report.

The market for GP-led deals like single asset continuation funds continues to remain muted amid a gap between buyer and seller expectations.