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.
Changes to the types of investments the tax-advantageous vehicles can make in the UK will result in more firms restructuring assets into new funds.
Some of the largest secondaries firms have snapped up stakes in tail-end funds managed by Cinven, which was one of the most popular European LBO managers in the second half of 2015.
The private equity unit of Deutsche Bank has invested in about eight deals so far from its $1.7bn secondaries fund.
Speaking at a private equity conference in London, Adams Street Partners' Pinal Nicum said there were three elements to executing a successful restructurings deal.
The Blackstone secondaries unit and Willowridge have both picked up stakes in Doughty Hanson's tail-end single-asset third fund.
The London-based secondaries firm has picked up four stakes in two Carlyle European buyout funds, according to regulatory filings.
As interest in real estate secondaries grows, funds in market are targeting more than $210m dollars more compared with this time last year, according to PEI data.
Stapled deals and restructurings can fall through for many reasons, but it’s often related to pricing that’s too low and LPs who don’t feel the need to sell.
As restructurings and stapled deals become more mainstream, very large funds and Asian funds will provide more deal flow for such transactions, according to speakers at the British Private Equity and Venture Capital Association Summit 2015 in London on Thursday.
BAE Systems' pension fund achieved a high price for its stake in DeAWM-managed RREEF Pan-European Infrastructure Fund, according to a source close to the deal.
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