Hannah Zhang

The risk mitigation benefit 'is an overlooked facet of what is attractive on some of these continuation vehicles', head of investment strategy Drew Schardt tells Secondaries Investor.

The move comes two years after the launch of Dawson's first overseas office in London.

Active GP members in the New Mountain team will roll all of their proceeds into the CV, according to LP documents.

Approximately half of the private equity evergreen market is expected to be allocated to secondaries in the next decade, according to estimates.

Deal highlights the increasing adoption of CV technology by mid-market sponsors, which have been strategically utilising more highly concentrated CVs than multi-asset vehicles.

The Canadian pension fund joins the likes of CalPERS, PSP Investments and World Bank in bringing a sizeable portfolio sale to the secondaries market.

The New York Life subsidiary has raised more capital for its latest secondaries flagship than it did for the predecessor fund, according to regulatory filings.

The multi-asset CV was among several billion-plus GP-led processes that hit the market last year as firms sought to generate distributions for LPs.

GP-led transactions hit $84bn in volume last year, significantly up from $45bn in 2023, according to Greenhill's Global Secondary Market Review FY 2024.

Secondaries was among strategies with the most acceleration driving Carlyle's deployment pace last year, CFO John Redett says on an earnings call.