Madeleine Farman
Madeleine Farman is a senior reporter for PEI Group’s Private Equity International and Secondaries Investor titles, based in London. Prior to joining PEI, she had covered private equity, private capital and advisers associated with the industry for other newsrooms and publications since 2016. Originally from New Zealand, Madeleine began her career in radio in Auckland.
A strip of performing loan investments have been moved off SMBC Group’s balance sheet to establish a new fund, according to a statement seen by Secondaries Investor.
While it’s easy to point to liquidity constraints as an anomaly, the market believes secondaries’ record-breaking streak should continue.
LP-led deals accounted for $40bn of the $68bn of global secondaries volume seen in H1 2024 as bid-ask spreads narrowed.
Of the $27.6bn of GP-led activity seen in the first half, $17.2bn was deployed into single-asset or highly concentrated continuation funds, according to the adviser's mid-year report.
It is understood Lazard’s head of US secondaries advisory Amanda Ugarte will join the investment bank to lead and build out its secondaries advisory team.
LP-led deals made up 57% of volume as pricing increased for buyout, credit, and venture and growth, according to the adviser's half-year report, shared with Secondaries Investor.
One-third of respondents to Secondaries Investor‘s latest survey of intermediaries say they worked with another adviser on a transaction during the reporting period.
There are some sizeable LP-led portfolios out in the market. However, one LP believes collateralised fund obligations and NAV loans could provide attractive alternatives to traditional portfolio sales.
Hamilton Lane Secondary Fund VI launched in 2021 with a $5bn target and is more than 40% larger than its predecessor.
The pension giant is understood to be looking to offload LP stakes valued between $2bn and just over $3bn.