Christopher Witkowsky

The firm is joining a growing number of PE entrants expanding into the secondaries market, Secondaries Investor understands.

The pension has been actively pursuing opportunities in the secondaries market over the past few years.

Unlike more traditional continuation fund deals, no assets or fund stakes are being rolled into a new vehicle in this deal.

The deal highlights GA’s ongoing use of CVs and ICG’s focus on single-asset transactions.

HarbourVest and Goldman Sachs are understood to be the lead buyers on the multi-asset continuation fund and a single-asset continuation fund, respectively.

The tender offer is among several options GPs have to deliver liquidity back to LPs at a time when distributions and fundraising are slowing.

The hiring comes as several mid-market investment banks are acquiring capabilities to advise on secondaries transactions, usually focused on GP-led deals like single-asset continuation funds.

Impacts from the broader economy, such as inflation, geopolitical turmoil and slower growth, have made it tougher to value assets in secondaries processes, with a wide gap between buyer and seller expectations.

The deal is among a handful of GP-led secondaries processes that have moved through the market, which has become more challenging because of pricing uncertainty.

Single-asset continuation fund deals have become so popular several mid-market investment banks have hired or are seeking talent to advise on such transactions.