Chris Witkowsky

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.

Eaton launched its GP solutions business in 2023 hiring a team from Credit Suisse.

Liquidity remains a main focus in the industry as exit activity has yet to pick up after a multi-year slump.

Managing partner Stephan Wessel has been promoted to CEO with the firm hiring a new managing partner to lead its North America growth.

While some believe exit activity will pick up this year along with overall investment activity, PE-backed assets held in older funds continue to grow.

The strategy will include raising a separate fund from New Mountain’s flagship vehicle.