Chris Witkowsky

The challenges of selling such a big offering are highlighted by growing uncertainty around secondaries pricing, weakening amid public market volatility, rising inflation and geopolitical shocks from Russia’s invasion of Ukraine.

Some portfolios that hit the market this year may take longer than expected to sell or may not transact as buyers look for pricing that reflects the reality of market turmoil.

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.

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.

GP-led deals like CCMP’s anticipated process represented a much larger portion of secondaries deal volume last year and this year to date.

Mozaic Capital is advising on the process designed to rebalance the pension's $120.5bn portfolio, amid the resurgence of LP-led deals.

The secondary is the first for Inovia, and represents a rare instance of not only a large continuation fund process in Canada, but one that involves VC assets as well.

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 process on the world's second-largest talent agency was led by Goldman Sachs, with ICG and Neuberger Berman as part of the investor group.