Chris Witkowsky

The deal would allow Rubenstein to sell partial stakes in several assets, which will support his investment in the Baltimore Orioles Major League Baseball franchise, sources said.

The deal is part of a wave of LP secondaries driven by fund investors' desire to get proceeds from older funds.

The new secondaries buyer founded by Mantra’s former head of secondaries Fabrice Moyne has an opportunistic and flexible approach across structures and strategies, its partners say.

While Leonard Green’s transaction is giving cash-out LPs the benefit of both processes, the 'quick flip' issue remains controversial in continuation fund deals where assets are quickly exited.

Kaiser came out atop of the secondaries category in affiliate title Buyouts' Deals of the Year awards. The non-profit healthcare organisation deftly closed its portfolio sale last year despite market turbulence, price fluctuations and the banking crisis.

Hollyport closed its eighth flagship fund, along with its first-ever co-investment vehicle, at the end of 2022 on more than $2.2bn.

Continuation fund will hold Wellspring portfolio companies SupplyOne, Cadence and Pentec Health, and includes $125m of unfunded capital for growth.

The deal comes as LP secondaries sales keep steady and drive activity with strong pricing and sellers eager to capture liquidity from private equity portfolios.

Secondaries advisory has become a desired function at investment banks, and many smaller, mid-market focused financial institutions brought on secondaries talent in recent years.

The deal is an example of the kind of complex transactions LPs can use to capture liquidity from their private equity programmes at a time of slow exit activity.