GP-Leds

The European mid-market firm, which has £11bn in AUM, is looking to move four UK-based assets into a new vehicle, Secondaries Investor understands.

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.

Late last year, it emerged TowerBrook had used a continuation fund in a transaction to delist its portfolio company R1 RCM from NASDAQ.

Active GP members in the New Mountain team will roll all of their proceeds into the CV, according to LP documents.

Despite closing its debut real estate secondaries fund below target, the manager perceives a lack of capital in the market relative to the opportunity set.

ICG Strategic Equity Fund V is more than double the size of its predecessor, which closed on $5.3bn in 2022.

Last year saw 70 continuation vehicles close, with scores more hitting the market, according to data gathered by Secondaries Investor.

Continuation funds represented about 13% of sponsor-backed exit volume last year, the report said, up from 12% in 2023, according to BlackRock’s 2024 activity report.

Deal highlights the increasing adoption of CV technology by mid-market sponsors, which have been strategically utilising more highly concentrated CVs than multi-asset vehicles.

The APAC secondaries market is expected to have a strong 2025, and buyers in the Chinese market have an advantage.