Madeleine Farman
Ashbridge Transformational Secondaries Fund II is nearly four times larger than its predecessor, which closed on $675m in 2018.
New equity and debt capital was raised on a GP-led structured secondaries deal for RFE Investment Partners’ asset ZRG in an Atlantic-Pacific Capital-advised deal.
Buyers are increasingly splitting out their fund strategies as institutional investors seek specific risk/reward categories for secondaries.
The development comes around one month after DWS chief executive Stefan Hoops said that while alternatives was a key pillar for the firm, it would be focusing on commercial real estate and infrastructure.
The fund, which will invest in both LP- and GP-led secondaries opportunities, will primarily focus on buying interests in mid-market buyout funds.
The consensus view from the south of France is that this will be the year that valuations come down to earth.
Ricardo Miró-Quesada, the firm's head of PE, talks to Secondaries Investor on the back of its €450m raise for ASF XIV.
To date, the fund has closed on more than 30 secondaries investments at attractive discounts as well as some direct co-investments in companies.
The majority of volume last year was for LP-led transactions, according to the investment bank’s 2022 Secondary Market Synopsis, shared with Secondaries Investor.
Summa Equity is looking to move Norwegian biowaste company Norsk Gjenvinning from its debut fund to a separate vehicle.
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