If bids come in at a steep discount, some LPs are ready to use that data point to question other VCs invested in the same assets about their valuations and why they are not writing them down.
The promotions come as Lazard’s capital advisory group continues to expand – it has about 100 professionals in eight offices around the world with an expectation of continued growth.
Presidio saw an opportunity to extend its hold over Elevate as it continues to implement its growth plan that includes further spending and future acquisitions.
LP sales were expected to kick off a resumption of robust secondaries activity after a slowdown late last year, with external factors such as the collapse of Silicon Valley Bank keeping activity muted.
Pent-up demand among sellers facing liquidity pressures and looking to rebalance overexposure issues is expected to bring more processes to market, though later this year.