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.
Even amid today’s rocky macro environment, the industry’s biggest fundraisers continue to pull in more capital.
Secondary pricing for buyout funds as a percentage of NAV fell from 97% for full-year 2021 to 88% in the first half, according to Greenhill.
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.