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Chris Witkowsky

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The hires come as secondaries advisory groups shift and expand, with some places growing their capabilities to meet increasing demand for transactions such as continuation funds and LP portfolio sales.
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While GP-led inventory is high, the capital chasing such deals remains limited to a small universe of buyers.
The Starting Gate
Smaller discounts to NAV mean there is a potential window of opportunity that some LPs want to take advantage of before market dynamics change.
GP-led deals represented about 44% of the approximately $109bn in total volume last year, with single-asset transactions representing the majority of such deals.
Many limited partner institutions either have used the secondaries market to sell fund stakes, or are ready to hit the market with sales as soon as pricing hits the right level.
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LP portfolio sales led volume last year, clocking in at an estimated $60bn out of a total of $115bn, according to PJT Park Hill’s full-year volume survey.
Strengthening pricing drove activity, helped by stabilising interest rates and an overall improvement in economic outlook.
Lead investors on Hellman & Friedman’s deal are Ardian, HarbourVest Partners and Hamilton Lane, sources tell affiliate title Buyouts.
The firm has been in conversations with certain LPs about bringing Fund VI to market, likely next year, it is understood.
Strip sales, along with tender offers, structured/preferred equity and secondary directs, represented around 20% of the about $18bn in GP-led volume in the first half.

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