Hannah Zhang
The deal is in the early stage and marks Clearlake’s continued efforts to build up its single-asset CV programme.
Details of the fund's target and fundraising update, as well as expected performance and fees, were disclosed in US pension documents.
Such alternatives could be better options than selling fund stakes if LPs must take massive discounts, according to the $251bn pension's senior investment officer John Bradley.
The eighth edition of our law firm survey shows top law firms advising on a collective $856bn of transaction volume, a record high amid a booming secondaries market.
The pension giant is understood to be looking to offload LP stakes valued between $2bn and just over $3bn.
The firm, founded by ex-Morgan Stanley and ex-Apollo execs, is planning to add a few more hires by the end of the year.
Most secondaries funds in a US pension's list of 21 vehicles target a net IRR of at least 15% and a return multiple of at least 1.5x.
Details of 21 secondaries funds, including those by AlpInvest Partners, BlackRock and Coller Capital, have been disclosed in documents prepared for a US pension.
Dover Street XI is already 46% larger than its predecessor, which closed on $8.1bn in 2020.
In the eighth episode of the Decade of Secondaries Investing podcast miniseries, Evercore's Francesca Paveri and Nicola Wealth's Tori Buffery discuss how the industry can retain, promote and elevate women.