Madeleine Farman
Madeleine Farman is the editor of PEI Group’s Secondaries Investor title 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.
Supply from managers looking to the secondaries market to hold onto assets for longer periods continues to grow.
Healthcare specialist BPOC moved five assets into a separate fund in an Asante-advised process.
The Hunter Point transaction means that almost all of the large secondaries firms, according to the SI 50 ranking, have either sold a stake, gone public or are part of a wider asset management platform.
While it’s still early doors, managers are beginning to shout from the rooftops when it comes to the returns they’ve produced from exiting assets in continuation funds.
Tender offers plus staples can be a powerful tool to provide liquidity to cash-strapped LPs; some buyers say they have different thoughts.
The transaction follows another lead position for Montana on a €146m single-asset vehicle last year.
The VC secondaries specialist reached the $850m hard-cap for its predecessor, which held its final close in 2021.
Fewer continuation funds are charging super carry and there has been a decrease in average management fees, according to Paul Hastings, as buyers take a more selective approach.
The transactions sees four assets moved from Amsterdam-headquartered private equity firm Bencis’ €408m Bencis Buyout Fund IV into the new vehicle.
What started with a dinner has ended up in a strategic collaboration between Campbell Lutyens and JPMorgan. Could such tie-ups become more common?