Private Wealth

The investment bank is ramping up its push into private wealth, focusing on distributions and unique product offerings.

While ’40 Act funds haven’t yet moved market pricing in GP-led deals, these evergreen funds are ‘certainly are participating and creating syndicate demand’, Baird’s GP solutions group co-head Jeremy Duksin tells Secondaries Investor.

In this episode of our Second Thoughts podcast, senior leaders from Lexington Partners, Proskauer and StepStone Group discuss the burgeoning space and the impacts of capital-raising efforts there on the secondaries market.

The semi-liquid fund aims to provide ‘diversified access to high-quality private growth companies’ through direct and secondaries, per a statement affiliate title PEI has seen exclusively.

The fund has collected $365m, which is nearly double its launch target.

The success of Ardian’s recent launch of two evergreen vehicles has been ‘above our expectations’ and the firm has designs to launch more products, executive vice-president Jan Philipp Schmitz told Secondaries Investor.

The transaction involves a continuation fund-like structure, Secondaries Investor understands, and includes an option for backers of the UK investment trust to roll into a new fund, filings show.

The firm often needs to balance its institutional expertise with the specific needs of wealth capital to address concerns around liquidity and concentration risks.

Coller Capital’s latest Global Private Capital Barometer also found that over a third of LPs plan to increase their commitments to secondaries over the next 12 months.

The acquisition provides Sagard a ‘significant expansion’ into secondaries as it seeks to scale its evergreen product offering, chief executive Paul Desmarais III told Secondaries Investor.