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Madeleine Farman

A person climbing steps, depicted with wooden blocks
The firm is currently deploying its 2018-vintage Headway Investment Partners IV, which closed on €372m in 2019.
Some sponsors are still able to drive aggressive terms in GP-led deals, though perhaps not for much longer.
As an increasing number of sponsors turn to secondaries processes, doubts are being raised about the market’s building blocks. Just how aligned is the secondaries market today?
Even amid today’s rocky macro environment, the industry’s biggest fundraisers continue to pull in more capital.
Illustration of businessman riding a downward-pointing graph arrow
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.
GPs get creative with deal financing
StepStone Group was the lead investor on Adelis Equity Partners’ single-asset continuation fund, with LACERA joining as junior lead.
UK HNWI investment private equity
A combination of record deployment by PE managers and slower exit activity is creating a need for liquidity among LPs, according to Lazard.
gold star trophy against blue background
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.
Igor Rozenblit
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.

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