Firms & Funds

Adding secondaries capabilities to the private equity giant's suite of offerings is not a 'have-to-do', according to co-chief executive Scott Nuttall.

The financial services holding company, which has $1.5trn in AUM, is paying $1.75bn for one of the largest remaining independent secondaries firms.

The firm, founded by Tony Cusano, has raised $1bn to invest in special situations, distressed and credit secondaries opportunities.

Several firms have added secondaries capabilities, either by building in-house groups or acquiring outside firms, like Ares Management, which bought Landmark Partners earlier this year.

Last year, the Boston mid-market GP carried out a $1.7bn process on its 2012-vintage fund, backed by AlpInvest, Lexington and Hamilton Lane.

Village Global has backed stake-trading start-up Liquidly, which plans to open its first liquidity window in Q4.

The team co-led by Earl Hunt was launched in April with $1bn to deploy and promises of being a 'category killer' in the credit secondaries market.

The asset manager is targeting space left by the ballooning mega-fund market, according to documents from US public pension fund VCERA.

We surveyed 90 fund managers and lawyers to ascertain how the industry could be affected by changes to carried interest. 

The fund was targeting $550m to invest in smaller, less competitive secondaries deals across private equity, venture capital and natural resources.