Metalmark Capital's single-asset SPV on Innovetive Petcare could be worth $450m, Secondaries Investor understands.
While GP-led deals took the biggest slice of market activity in 2022, LP deals, especially in the second half, started flowing back into the market.
Despite the shift to newer vintages, early distributions and higher IRRs remain important to secondaries investors, said managing director Cari Lodge.
The team led by former Strategic Partners executive Wandy Hoh is targeting LP-led and GP-led deals in the infrastructure space.
These figures represent an increase of around 120% YoY, driven by pent up buyer demand and a steady stream of high-quality LP- and GP-led opportunities.
The Darien, Connecticut-based alternatives manager has raised more than $1 billion over its initial target.
While GP-led deals managed to retain their dominance over LP deals by a thin margin, both halves are poised for continued growth this year.
The four-strong Asia team, led by partner Vincent Ng, will continue to execute secondaries deals in the wake of Charles Wan's departure, the firm said.
The Duravant process is among a slew of single-asset processes to hit the market since last year, which is helping to drive total deal volume to record levels.
The top-level hire is one of a team of four investment management lawyers to join from Minneapolis-headquartered Faegre Drinker.
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