Tail-End Funds

Hollyport maintains independence with stake sale to Blue Owl

Blue Owl has acquired a passive stake in the tail-end specialist, which will ‘ultimately represent’ approximately 25% of the economic interests of the firm.

How family offices are dealing with zombie funds

Stonehage Fleming and GreenBear Group want ageing funds wound up quickly to avoid issues such as questions around valuations. The secondaries market is a viable resolution route.

CPP Investments comes to market with multi-billion-dollar PE portfolio

The $3bn-plus portfolio sale dubbed Project Ember includes a portion of equal strips to buyout funds, Secondaries Investor understands.

Zombie funds explode to all-time high

Research provided to affiliate title Buyouts by TREO indicates the global volume of AUM of tail-end funds, or TEFs, hit $829bn in 2024, up 24% from 2023.

ICONIQ Capital closed $1.8bn clean-up as asset managers turn to managed portfolio sales

Clean-up deals have continued to grow as even traditional secondaries shops seek to close out older pools and deliver proceeds to long-time investors.

LPs benefit from offloading tail-end stakes early – study

An LP that reinvests the proceeds into a first-quartile fund would see their portfolio outperform the value of holding the tail-end asset by year two – even assuming a 20% discount, according to research from Upwelling.

Hollyport gains partner in New York amid flurry of promotions

Andrew Ward joins Mike Catts as one of two partners in the firm’s New York office.

Creating a legacy in the tail-end secondaries market

Hollyport’s John Carter and Elm Capital’s Etienne Deshormes delve into why the opportunity in the tail-end secondaries market has grown, yet the number of buyers remains concentrated.

Tail-end secondaries: The $900bn-plus opportunity

As private markets AUM continues to grow at a clip, so too does the number of legacy funds held onto by institutions. Hollyport’s John Carter and Elm Capital’s Etienne Deshormes join Madeleine Farman in the latest edition of Second Thoughts.

Hollyport seeks up to $4bn for flagship and launches separate GP-led fund

The firm is seeking $500m for a dedicated GP-led vehicle which has the potential to deliver enhanced returns.