Chris Witkowsky
It is understood Lazard’s head of US secondaries advisory Amanda Ugarte will join the investment bank to lead and build out its secondaries advisory team.
The deal is part of a series of large LP sales driven by liquidity concerns, the need to rebalance investment exposures in investment portfolios and strong pricing for high-quality private markets funds.
The €255bn unit of French financial giant BNP Paribas Group wants to sell a bundle of private equity and infrastructure stakes, Secondaries Investor has learned.
Some LPs not in need of liquidity use the secondaries market as a way to tweak their portfolio's construction, which is the case with IMCO.
While LP sales slowed around spring, activity has picked up and sources expect inventory to increase as the market moves into the third quarter.
Diversis, formed in 2013, acquired a majority stake in Tempo in 2018, and bought the rest of the company in 2022.
As more GPs seek alternatives to traditional exit paths for their older investments, continuation funds have grown more popular for certain assets.
As part of the system’s policy established in 2022, the pension has been building exposure to areas of private equity it may have skipped in the past such as smaller funds and growth-focused GPs.
Some LPs have explored ways to share in the future profits of an asset sold out of a CV shortly after the secondaries process closes.
A quick exit out of a continuation fund can also raise questions about whether a GP knew about a potential exit even while pursuing the continuation fund, or if the offer came out of the blue.