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StepStone Group was the lead investor on Adelis Equity Partners’ single-asset continuation fund, with LACERA joining as junior lead.
A combination of record deployment by PE managers and slower exit activity is creating a need for liquidity among LPs, according to Lazard.
The listed vehicle made 15 commitments to secondaries investments in the 12 months to 31 May totalling the equivalent of $130.8m, according to its 2022 annual report.
The former co-head of the SEC’s Private Funds Unit and managing partner of regulatory consultancy firm Iron Road Partners details where GPs should be spending their time.
Buyers are hopeful that market conditions will give them greater power to dictate the terms of GP-led deals without discouraging sponsors from coming to market.
Rabo Investments also invested in the deal centred on vitamin, mineral and supplement soft gel manufacturer Captek Softgel International.
The level of dry powder for secondaries sits at $94bn, up year-on-year and a slight decrease from the $105bn available for deployment at the end of 2021, according to Evercore's H1 Secondary Market report.
The New York-headquartered firm surpassed its $2bn target for Pomona Capital X, which is 44% larger than its predecessor.
A raft of new participants in the sector means it may not be long before annual deal volumes match or exceed the record $130bn deployed last year.
Experts from Greenhill, NewQuest and LGT Capital Partners discuss what’s driving secondaries dealflow in Asia-Pacific this year.