GP-Leds

SI Decade: From frustration to longer holds with single-asset continuation vehicles

In this third episode of the Decade of Secondaries Investing miniseries, Goldman’s Harold Hope and Lazard’s Holcombe Green discuss how continuation fund technology has developed to facilitate single-asset continuation funds and the runway for further growth.

Manulife: Search for alpha in secondaries market sparks LP interest

Manulife Investment Management’s GP-led secondaries programme will seek out concentrated deals from the large-cap space through to the lower mid-market.

TPG, AlpInvest, Pantheon back IK’s insurance single-asset deal

The transaction comes off the back of at least three other insurance-focused continuation fund deals in Europe over the past half-year.

Declaration explores process as anchor LP David Rubenstein seeks liquidity

The deal would allow Rubenstein to sell partial stakes in several assets, which will support his investment in the Baltimore Orioles Major League Baseball franchise, sources said.

SI Decade: Zombie funds to continuation vehicles

In this second episode of the Decade of Secondaries Investing miniseries, Blackstone’s Verdun Perry and Evercore’s Nigel Dawn look at how the continuation fund market has evolved over the last decade and how it may evolve in the years to come.

StepStone leads on $175m insurance-focused continuation fund

Hudson Structured Capital Management has moved five assets out of a multi-sector insurance-focused fund into a continuation vehicle.

ICG’s Strategic Equity steps up as buyer on CVC’s single asset

LPs will be given the option to roll or sell on CVC’s continuation fund process for Multiversity, which is understood to be €1.5bn-€2bn in size, Secondaries Investor learns.

Continuation fund investors eye payout in Leonard Green’s SRS Distribution exit

While Leonard Green’s transaction is giving cash-out LPs the benefit of both processes, the ‘quick flip’ issue remains controversial in continuation fund deals where assets are quickly exited.

Wellspring to close nearly $1bn multi-asset deal with Neuberger, Lexington

Continuation fund will hold Wellspring portfolio companies SupplyOne, Cadence and Pentec Health, and includes $125m of unfunded capital for growth.

We have entered secondaries’ ‘decade of capitalisation’

Following an era of innovation, secondaries now enters an age of capitalisation with new entrants joining the market, secondaries professionals told PEI Group’s NEXUS summit in Florida.