Chris Witkowsky

GP-led deal volume reached an estimated $28bn in the first half, a 56% increase from the same period last year, according to Jefferies’ first-half volume report.

The firm was best positioned to know the asset well, which helped inform its ability to set an appropriate price, according to Kian managing partner Kevin McCarthy.

Secondaries Investor reported in June that the technology, industrial and consumer-focused firm was working with Evercore on a transaction.

Co-investment stakes included in GP- and even LP-led secondaries have become more prevalent as even direct investing LPs seek liquidity in the slow exit environment.

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.