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.
The French fund of funds sold on part of USS's €150m commitment in a European buyout fund to at least four parties.
The final close on the Switzerland-headquartered firm's sixth dedicated secondaries fund comes 10 months after it held a first close.
Partners Group was one of the LPs who sold stakes, while SL Capital Partners was part of a group who either acquired new stakes or increased their exposure to the €2.2bn vehicle.
Most strategies saw a dip in fundraising last year compared with a year earlier, with growth funds also experiencing a similar level of decline.
The advisory firm has hired a former fund of funds executive to focus on client advisory in the UK, Europe and the Middle East.
More than 2,000 applicants have already applied for investment associate positions with the firm, which is deploying its $7.2bn Coller International Partners VII fund.
Sales of tail-end fund stakes are expected to increase this year, so buyers will have to carefully weigh the enticing discounts against some potential portfolio howlers.
The deal was part of PIP's eight commitments to secondaries deals and funds since July amid favourable pricing conditions in the secondaries market.
The Canadian investment firm is boosting its private equity team with the hire of two associates who will focus on primaries, secondaries and co-investments opportunities.
Greenhill Cogent has been hired to sell the portfolio just months after the US' largest pension sold up to $4bn-worth of private equity and real estate stakes.
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