Firms & Funds

The large minority transaction is a rare example of a GP stakes purchase via a non-dedicated fund.

If it reaches its target, Clipway Secondary Fund would be one of the largest debut funds from a spin-out or newly established firm.

Abbott Secondaries Opportunities Fund III is slated for a first close next month, documents from a US public pension show.

GP-leds are of particular interest to the mainstream secondaries players, Tom Jorgensen, a managing director at North Sky Capital, said in a video interview at the Impact Investor Global Summit.

Details of the firm's Dover Street XI fund and HarbourVest’s Secondary Overflow Fund V were included in board documents for a US public pension plan this month.

Asia and Australasia secondaries accounted for around 4-5% of both LP-led and GP-led deal volume last year.

The firm is seeking 25-50% more for its latest offering compared with its debut vehicle, Secondaries Investor has learned.

Michael Arougheti, Ares' chief executive and president, has previously said the secondaries industry is at an 'inflection point'.

The team behind the market’s biggest dedicated GP-led fund has a reputation for being clear, efficient and an intermediary’s dream via its 'sole buyer' strategy.

The region played host to some sizeable single-asset GP-led deals, including a continuation fund for Deutsche Private Equity.