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Chris Witkowsky

GP-led deals are on the rise and will likely become a much greater part of overall secondary activity, which has historically been led by LP fund stake sales.
The two large GP-led deals are part of a shift in the secondary market away from traditional sales of fund stakes held by limited partners, to deals by GPs to manage assets held in older funds.
The firm is among a group of mid-sized buyers that focus on lower-mid-market and mid-market secondaries deals.
Buyers who have shown interest so far include some traditional secondaries firms, sovereign wealth funds and insurance companies.
The US pension had set up a partnership with Pathway Capital Management last year to sell fund stakes.
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Israel's Qumra Capital sold the assets out of its $100m debut fund, which the firm raised in 2013.
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The deal is understood to have included stakes in funds managed by CVC Capital Partners, Blackstone and Apollo Global Management.
A potential sale out of a relatively young fund has raised eyebrows in the market that is dominated by Dyal, Goldman Sachs and Blackstone.
The portfolio is understood to be worth between $250m and $500m, according to sister publication Buyouts.

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