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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.
Alternatives has more than $6trn in assets under management, and only about $100bn of that trades hands in secondaries, according to the firm's president Jonathan Gray.
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The private equity firm’s latest fund, the $16bn Capital Partners Fund IX, is understood to be participating in the transaction.
The US pension had set up a partnership with Pathway Capital Management last year to sell fund stakes.
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The pension giant is understood to be selling a portfolio containing high-quality stakes.
The deal is one of only a few that have proceeded through the pandemic downturn, which otherwise has stopped most secondaries deal activity.
The line between co-investing and secondaries has become increasingly blurred as buyers show more appetite for single-asset deals.

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