Chris Witkowsky
The process is an example of the kind of challenges faced by secondaries participants, with pricing discrepancies continuing to prevent sales from making it to final close.
GP-led deals, which once dominated volume, have taken a back seat to LP portfolio sales, which represented the majority of transactions in the first half of the year.
The process is part of a surge of LP portfolios that have hit the market this year as institutions look for ways to generate liquidity and rebalance their exposure to the asset class.
LP volume is said to be the main type of deal that buyers are interested in right now, along with select GP-led processes for top assets.
While demand for such deals is high, activity has only been steadily increasing this year amid price discrepancies and a limited capital base.
The three are part of an exodus of talent that has moved on from the bank since the Swiss government forced UBS to buy Credit Suisse in March.
The firm has been running a process this year on its seventh and eighth funds at a time when many LPs are reluctant to sell amid lower pricing.
Recent weeks have seen a surge of LP portfolio sales that some believe will swell into a wave of transactions.
The deal, which has been in market since at least earlier this year, is separate from the widely reported 'strip sale' Tiger has been running to sell stakes in direct assets.
The deal would be highly customised, targeting specific assets rather than a broad-based tender of LP interests across older funds.
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