GP-Leds

In respect of their longstanding infrastructure portfolios, Abu Dhabi Investment Council is a keen trader of secondaries but the Swedish insurer isn’t, explain infra specialists Saoud Al Mulla and Hans Forssman.

While there have been instances of controversial GP-leds moving through the market, advisers continue to work in real time to improves practices, conference attendees at IPEM Global heard.

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.

Focus is key when considering software exposure across both LP-leds and GP-leds, as valuations and exits for the sector remain uncertain, panellists said at the UK Private Capital Summit 2026.

Golub Capital launched its GP-led strategy last September, pledging to commit $1bn.

While an increasing number of LPs are embracing CVs, they remain wary of overreliance on the structures, said panellists at IPEM Global in Paris.

Being a ‘co-operative partner’ during LP-led transactions can have hidden benefits, a private equity GP tells PEI Group’s Commitment Issues podcast.

Continuation vehicles are succeeding because they’re solving real problems for LPs.

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.

As buyers position themselves in the market, they need to ensure they have all the ‘whistles and bells’ to cater to sellers and investors, CVC Secondary Partners’ head, Carlo Pirzio-Biroli, tells PEI Secondaries Investor.