Brian Cantwell
The New York-based private equity firm has hired Moelis & Co to help recap funds raised in 1998 and 2006, with any restructure potentially including a carry reset on Fund III.
The firm aims to raise investment for a new Fund V while giving LPs such as Harbourvest and OPERS the option to exit Fund IV from 2006, sources say.
The direct secondaries specialist based in New York has done nine deals from Fund III to date, investing a total of $150m.
The Canadian pension has identified more than 75 private equity funds in need of restructuring after completing a review of 750 funds last year.
Managing director Hanspeter Bader says secondaries co-investments are growing and reveal an attractive return if the circumstances are right.
Hard on the heels of the firm’s recent $9bn fund close comes the purchase of a $1.3bn portfolio from GE.
Secondaries funds have raised a total of $106.2bn since 2008, according to data from PEI Research & Analytics.
PEI Research & Analytics has revealed the profile of secondaries funds launching and currently in the market in the first quarter of 2014
When you start to factor in leverage, the firepower of secondaries GPs today is staggering.
The global secondaries player is expected to come to market later this year with its seventh secondaries fund. Fund VI is roughly two-thirds deployed.
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