Rod James
A highly competitive market is leading to reduced return expectations and lower success rates, according to a report compiled by UBS and obtained exclusively by Secondaries Investor.
The bank's equities portfolio rose 34% in the first quarter, one year after receiving an extension on its Volcker Rule divestment obligations.
The firm's eighth dedicated real estate fund closed above target on $3.3bn and is already 42% deployed.
The interdealer broker's alternatives team will remain intact despite Alastair Sword's departure – the latest in a series of exits.
The portfolio included stakes in Montagu Private Equity and IK Investment Partners' funds, Secondaries Investor has learned.
Spirits are high in the European secondaries market despite some jitters around dry powder.
Around half the investors in the fund, which is nearly double the size of its predecessor, are from charitable organisations.
The UK pension plan born out of the bankruptcy of photography giant Eastman Kodak has offloaded stakes in Bridgepoint and PAI Partners funds, among others.
The Public School Retirement System of the City of St Louis has made a pair of secondaries investments, including a $5m commitment to Glendower's recently launched fund.
The firm has brought in Maulik Patel, its third hire from broker-dealer Tullett Prebon, as it plots a move into the GP-leds market.