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The Richmond, Virginia-based small secondaries firm closed its last fund in March 2018 on $275m.
The lawyer hired to defend NYPPEX CEO Laurence Allen plans to try to get the New York state attorney-general's plea for an injunction and a receiver for relevant assets thrown out.
The firm will need LP approval to continue investing from the vehicle, which has thus far collected $2.75bn against a target of up to $12bn.
The alternatives veteran was terminated for failing to disclose a workplace relationship, according to internal memos.
The New York attorney-general has filed a lawsuit against Allen, who runs a secondaries fund and a secondaries intermediary business, for allegedly misappropriating more than $13m.
Private debt
The credit fund secondaries market could be huge. The question is ‘when?’
Liquid Stock
San Francisco-headquartered Liquid Stock's $161m fund extends part-debt/part-equity financing to private company shareholders.
An increased need for liquidity and a lack of enthusiasm for preferred equity are two trends that emerge from the secondaries firm's latest investor survey.
Verdun Perry, Blackstone
Verdun Perry, the Blackstone secondaries unit's global head, says the size and age of the private credit market means it is 'not ripe' for secondaries.
Rakesh Jain will help lead the firm's expansion in private credit primaries, secondaries, co-investments and special situations.

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