Chris Witkowsky
The deal is one of several that allow large organisations to shift private equity into new vehicles that provide more space, and fresh capital, to continue building out the strategy.
The original deal was set to be one of the largest GP-led secondaries ever, but well into the process Panasonic decided to acquire the largest asset, supply chain software provider Blue Yonder.
StepStone plans to integrate the Greenspring team into its existing venture and growth practice, including setting up a joint investment committee.
Belron operates various glass repair brands globally and is held in the firm's 2016-vintage Fund X.
Large deals have helped drive volume since last year in what has continued to be a brisk secondaries market in the general economic recovery.
The need for transparency, always a vital aspect of executing a GP-led deal, takes on greater significance when external M&A buyers express interest in picking off choice assets.
With assets live in the market, outside buyers occasionally swoop in and make better offers, upending months of work building consensus on the secondaries deal.
The deal is one of the high-profile secondaries in the market this year helping to push activity volumes that some expect to reach record highs by year-end.
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.
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