Single Assets

Mid-life investments can offer a solve to generate liquidity and realisations, stepping into the place of CV deals that can be complicated where co-investors have backed an asset, Neuberger’s head of European PE Joana Rocha Scaff says on the latest edition of PEI Group’s Commitment Issues podcast.

The $219bn system has seen ‘underwhelming’ performance from its largely LP-led secondaries portfolio, according to senior investment officer John Bradley.

The real challenge appears operational rather than structural from a geographical standpoint, writes Winston & Strawn’s Yulia Makarova.

Churchill Asset Management and 50 South Capital co-led the CV to extend Frontenac’s hold of the industrials asset.

The firm’s current fund, Strategic Equity Fund V, raised $11bn last year and is the biggest dedicated fund for backing continuation vehicles.

Q1 saw 27 CVs close, with nine involving asset classes beyond private equity.

Rising buyside demand and greater emphasis on asset selection have reduced the percentage of CVs priced in the lower range, according to the firm’s latest CV study.

The continuation fund for Blue Matter Consulting is ‘one of those CVs that’s happening for the right reasons’, says Baird partner Michael Holgate.

The GP-led market is expected to see a more ‘mixed-quality’ set of assets come through, according to StepStone’s Philippe Ferneini.

Over half of CVs have carried interest waterfalls with both IRR and MOIC return thresholds, according to the law firm’s upcoming report on CV term trends.