Madeleine Farman
GP-led transactions comprised 39% of secondaries transaction volume in the first half, according to Greenhill's H1 2023 secondary market review.
TPG GP Solutions has ‘line of sight” to reach $1bn, CEO Jon Winkelried said in the firm's second-quarter earnings call.
The strategy is ‘poised to scale and become a flagship fund’, executives said on the firm's second-quarter earnings call.
The firm, founded by Siguler Guff‘s former secondaries head, is yet to hold the final close for Banner Ridge Secondary Fund V, Secondaries Investor understands.
Carlo Pirzio-Biroli, managing partner and chief executive of the secondaries firm, says it is easier to attract investors who want to write larger tickets – a difficult proposition with smaller funds.
Secondaries Investor reported in February that Glendower Capital Secondary Opportunities Fund V was expected to close over the summer.
Early estimates for first half activity show secondaries transaction volume is off to a slower than anticipated start this year; yet, the market is expected to pick up some of the shortfall.
Clark joins the Magic Circle firm as head of its global funds practice from Goodwin.
The vehicle, which is around 30% larger than its predecessor, has been in market for just over two years and is already one of the largest dedicated standalone funds for secondaries.
Activity has slowed compared with last year’s figures, when the market saw $54bn of volume in the first half.