GP-Leds

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.

Hybrid capital appears to be having a moment. The strategy’s knack for complex deals at a time of market disruption is juicing demand – including among liquidity-strapped GPs.

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.

With most capital already deployed, sponsors and LPs are tailoring personnel, triggers and remedies to individual assets in continuation vehicles.

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.

Investors are putting more resources towards shorter hold secondaries and co-investments, according to Mercer’s head of European infrastructure Julia Schiffer.

While the region has seen growing secondaries appetite in the past few years, executed deals remain far and few between, market participants tell PEI Secondaries Investor.

Vivara Capital will target purpose-driven companies that are ready to scale but held by ageing funds, Rekha Unnithan told affiliate title New Private Markets.

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.