Silas Sloan
Last year saw 85 continuation vehicles close, with 40 more launching or being mulled, according to data gathered by Secondaries Investor.
As mid-market sponsors look to hold onto trophy assets and deliver liquidity, they're turning to larger CVs, with CV-on-CVs also expected to become more prevalent, according to a report.Â
Tikehau's second credit secondaries-focused fund closes on more than $1bn having launched in the second half of 2023.
The Boston-headquartered manager has raised over $1.1bn for its debut single asset CV-focused strategy, joining Blue Owl and Leonard Green in closing such vehicles this year.
The deal sees a portfolio of private equity interests move into a new vehicle run by M&G.
The fund, which remains in market, has exceeded its target by more than $1bn and already marks a significant step up from its $5.8bn predecessor.
The deal marks the latest $1bn-plus CV the Luxembourg-headquartered firm has been involved in over the last several months.
The close of MCP Opportunity Secondary Program VI follows a rejig of Montana's senior leadership last year.
The platform's close marks the second notable debut GP-led strategy to close this year after Leonard Green closed on more than $3.6bn last month.
More than 60% of defined benefit pension scheme advisers and trustees expect these pensions to utilise the secondaries market to sell illiquid assets, according to a report from MeltX and Mallowstreet.