Chris Witkowsky
Several recent single-asset secondaries deals have had their valuations set by earlier minority stake sales.
The sale is one of several that hit the market since the second half of 2021, when traditional LP portfolio sales came surging back into the market.
While secondaries activity shows no signs of slowing, LPs and GPs need to get on the same page about how to smooth out this process for institutional investors going forward.
The Duravant process is among a slew of single-asset processes to hit the market since last year, which is helping to drive total deal volume to record levels.
Large portfolio sales have taken up buyer interest in the second half, as many look to diversify beyond the concentrated bets they made earlier in the year.
GP-led secondaries, especially single-asset deals like Belron, have driven the market to what is expected to be record volume levels this year.
Several firms have added secondaries capabilities, either by building in-house groups or acquiring outside firms, like Ares Management, which bought Landmark Partners earlier this year.
The capital solutions group was formed to combine the bank’s GP-led secondaries advisory activity with its efforts to source capital for direct and co-investments.
The deal, which involved buying fund stakes from Aberdeen Standard Investments, is the first of size for ICG's LP funds team, led by two ex-Pomona executives.
Nexus’s fund is young compared to most GP-led deals, though some recent transactions have involved younger assets in what appears to be something of an expansion of the scope of the strategy.
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