Chris Witkowsky
Assets slated for a secondaries deal periodically get snapped up by outside buyers before the deals can close, a risk that increases the longer such deals linger in the market without closing.
The process is one of the largest in the market, rivalling that of New Mountain Capital, which is moving five assets out of its 2007 fund in what could be a $2bn or more transaction.
The deal is leading off a year that many secondary market players expect to be particularly busy with not only GP-led transactions like restructurings but also large, traditional LP portfolio sales.
The private equity giant joins TPG as the latest high-profile manager to raise a separate fund for GP-led secondaries.
Single-asset deals accounted for 30% of GP-led transactions in the first half, up from 20% in 2019, according to Evercore.
Nash Waterman and John Wolak had co-led the investment bank's secondaries unit after former secondaries head Jonathan Costello left in 2016.
This so-called 'status quo' option has gone a long way in helping get LPs comfortable with GP-led liquidity processes.
The tech specialist is among several high-profile private equity firms tapping the secondaries market this year.
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.
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