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.
Not enough LPs wanted to sell their stakes in two existing funds managed by the Spanish firm, which is also looking to raise at least €400 million for its latest vehicle.
This is at least the third time the Blackstone secondaries unit has bought a stake in Doughty Hanson & Co. III, which has only one remaining investment.
Secondaries deliver higher returns than public equities in the long run, according to data from two industry bodies.
The Hong Kong direct secondaries firm has signed a deal to sell China Hydroelectric to a trade buyer, exiting an investment it has held through both of its funds.
The Tokyo-based private equity firm is nearing the 30bn yen hard-cap for its latest secondaries programme, according to a managing partner at the firm.
Many companies in Asia are still run by first-generation families and investors may find it easier to exit through direct secondaries deals, according to a Hong Kong firm.
Volatility in public markets may cause investors to sell private equity commitments to cushion themselves against an imbalance in allocations.
The secondaries powerhouse is looking to recruit a senior associate in its London office to focus on all aspects of the secondaries deal process.
London's Graphite Capital retained second place, while French manager Astorg Partners jumped to third place from thirteenth, compared with a year earlier.
The Swiss firm took just 10 weeks to raise its latest vehicle which will focus on niche secondaries deals, according to the firm.
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