Silas Sloan

Infrastructure secondaries volume is expected to double in the next five years after seeing at least $15bn last year.

Rising acceptance of continuation funds could drive further growth in the GP-led space, industry participants said at PEI Group’s NEXUS 2025 event in Orlando last week.

The firm's predecessor vehicle closed on $2.9bn in June 2021, Secondaries Investor data shows.

This is Moelis's second hire from Jefferies this year – it has already employed Matthew Wesley to head up its private funds advisory capabilities.

The European mid-market firm, which has £11bn in AUM, is looking to move four UK-based assets into a new vehicle, Secondaries Investor understands.

Late last year, it emerged TowerBrook had used a continuation fund in a transaction to delist its portfolio company R1 RCM from NASDAQ.

Last year saw 70 continuation vehicles close, with scores more hitting the market, according to data gathered by Secondaries Investor.

Small-cap secondaries funds have a number of competitive advantages over their larger counterparts, including higher discounts due to a mismatch in supply and demand, according to a new white paper from the Paris-based buyer.

The strategy, which will focus on providing strategic capital to lower-mid- and mid-market buyout GPs for add-ons, was launched in 2022.

Apollo has agreed to acquire real estate investment manager Bridge in an all-in stock transaction worth approximately $1.5bn.