Exclusives

The tail-end specialist – which PEI Secondaries Investor understands has raised $1.5bn for its latest GP-led programme – looks to back assets that have more to show after five-plus years in a fund, Steve Nicholls and Catherine Badour say.

The finding that CVs are performing in line with buyout funds while offering different return profiles persists in Evercore’s and HEC Paris’s latest survey, with PEI Group data showing a growing number of LPs have GP-led funds in their portfolios.

The deal marks the second continuation vehicle process Meridiam has undertaken this year, with GIC backing its prior €2.2bn deal.

Sarah de Ste Croix and Gabriel Boghossian are set to join the legal giant as global co-heads of secondaries.

The firm has been raising its first pool focused on GP-led deals, collecting about $1.4bn on a $2bn target, PEI Secondaries Investor understands.

The process follows a larger deal the endowment secured last year, where it offloaded between $3bn-$4bn of private equity stakes with pricing in the mid-90% of NAV.

Klar’s CV process joins EMK’s in the market with both firms seeking to continue their hold for European assets operating in the same industry.

The alternatives giant led a consortium of investors on the approximate €1.7bn acquisition of ITP Aero in a carve out from Rolls-Royce in 2022.

The CV for a Netherlands-based industrials asset will see around €1bn-€1.2bn of new equity with a ‘significant amount’ of rollover, PEI Secondaries Investor understands.