Adam Le
Adam Le is Senior Editor, EMEA, for PEI Group's private equity publications, overseeing the flow of global news and analysis for Private Equity International and Secondaries Investor. Based in London, Adam works closely with private equity-focused colleagues across PEI's offices in New York, London and Hong Kong. Prior to PEI, his roles included reporting on finance and technology for Bloomberg Japan.
Recent high pricing has encouraged the world's largest asset manager to be a seller on the secondaries market, according to managing director Johnathan Seeg.
High levels of dry powder and high pricing in the secondaries market is forcing firms to use leverage and chase staple deals to make purchases attractive.
Sellers coming to market with deals less than $50m in size face challenges on both price discovery and execution, according to Kline Hill Partners' Mike Bego.
Secondaries Investor made a flying tour of Hong Kong and Japan this week. Here are some of the key themes that emerged.
The largest source came from a co-investment in Conversus Capital, from which HarbourVest Partners bought a $1.4bn portfolio in 2012.
The VC fund of funds manager has almost reached the target for its latest secondaries fund which will focus on direct and LP stakes.
A third of respondents to a Setter Capital survey said there was a higher number of these deals last year than in 2014.
The pension will only accept fund of funds strategies that focus solely on secondaries.
Secondaries Investor is in Hong Kong and Japan this week and next to find out if Asian secondaries are living up to their promise.
The Kuwait-based investment company came to market with a portfolio of mainly buyout stakes.
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