Chris Witkowsky

Without new capital coming in, the firm is considering an extensive continuation fund process that would extend its ability to make new investments.

Part of Vista Equity's contribution to the deal will come through its private wealth channel, a source said.

The transaction, which could total as much as $1bn in size, is understood to comprise a concentrated list of funds and managers.

As traditional exits remain sluggish this year, GPs are getting creative in finding ways to deliver liquidity to limited partners in older funds.

Brentwood Associates’ latest secondaries process follows a fund restructuring deal undertaken by the PE firm in 2021.

The firm is considering the strategy at a time when several traditional private equity buyout firms have expanded their capabilities into GP-led secondaries, while others are making moves into the space.

The education and experience of new sellers will help grow the LP side of the industry, according to Vlad Colas, executive vice president of Ardian, who spoke with Buyouts at PEI Group’s NEXUS 2025 event in Orlando in early March.

While $1bn portfolios are a more common factor in the market today, New York City’s sale stands apart as among the largest of all time.

Continuation funds represented about 13% of sponsor-backed exit volume last year, the report said, up from 12% in 2023, according to BlackRock's 2024 activity report.

Infrastructure/real asset deals accounted for about 6% of the $84bn of GP-led volume last year, according to a Greenhill report.