Venture capital

Liquidity options proliferate for VCs

Venture capital firms are motivated to find ways to return capital to their LPs. Beyond continuation funds, these managers are running strip sales, preferred equity deals and tender offer processes to generate liquidity.

China’s GP-led secondaries activity fuelled by LP pressure – Coller

Secondaries buyers have been eyeing both RMB- or USD-denominated opportunities in China as managers contend with a dearth of exits, investment principal Karen Tse tells Secondaries Investor.

Continuation vehicles are accelerating in the venture industry

More venture firms are following the lead of buyout firms by creating continuation funds to provide liquidity to LPs in older funds. Here are the pluses and minuses for GPs and LPs considering CVs.

LGT Capital co-leads on $500m multi-asset CV for Hong Kong’s IDG – updated

This is at least the second time IDG has tapped the secondaries market for a CV deal, having previously completed a GP-led five years ago.

Malaysia’s Khazanah mulls $1bn-plus portfolio sale

Khazanah joins a number of APAC sellers this year, with Malaysia’s EPF and China Investment Corp also looking to offload portfolios.

Secondaries to benefit from ‘mindset shift’ towards portfolio management by VC GPs

Secondaries are becoming a structural part of the venture market, not just a short-term solution, according to Ravi Viswanathan of NewView Capital.

StepStone set to launch 40 Act fund primarily focused on secondaries

The new evergreen vehicle will join the firm’s four active 40 Act funds targeting wealthy individual investors in the US.

Industry wants to facilitate liquidity amid exit drought

The multi-strategy investor and secondaries specialist built the programme to teach GPs and LPs how to find alternate routes to liquidity outside of IPOs and M&A.

GPs discuss valuation challenges as regulatory scrutiny rises

With market watchdogs looking more closely at private asset pricing, affiliate title Private Equity International spoke to managers of semi-liquid funds about their valuation methods.

New Hamilton Lane fund ‘democratises’ access to VC

The fund will be split between fund investments and transactions, with 75% of the latter proportion going to secondaries deals.