Deals

Find out who’s buying, who’s selling and what is being sold. Get detailed information on the structures involved in secondaries deals, including LP portfolio sales, GP-led processes, spin-outs, restructurings and stapled deals.

Renminbi

HarbourVest leads China GP-led on Baidu, Tencent backer

IDG Capital, which has $20bn in assets, is understood to have run a novel yuan-to-dollar secondaries process advised by Lazard.
biotech

Pantheon, LGT back early-stage biotech restructuring

The deal involving Medicxi was based around six assets and completed at a premium to NAV, co-founder Francesco De Rubertis told Secondaries Investor.

Northleaf’s GP-stakes-like deal to pave the way for succession

Managing director Jeff Pentland says the firm wants to start thinking about succession planning now rather than in a decade.
dealflow

LP liquidity concerns have evaporated – Campbell Lutyens

The proportion of respondents who are 'not concerned' about liquidity was 81% across the summer, compared with 46% in the spring, according to a survey by the advisory firm.
oregon

Oregon pension shops $1.5bn portfolio of PE stakes

The US pension had set up a partnership with Pathway Capital Management last year to sell fund stakes.
Los Angeles

Q&A: LACERA on buying in the secondaries market

The $60bn US pension backed the Revelstoke and Accel-KKR GP-led deals last year and expects to invest in more before the year is out.
Pricing

Pricing rebounds from pandemic-inflicted lows – Setter

The average high bid for buyout funds surpassed 90% of NAV in the three months to end-August, according to data from the intermediary.
Liberty Street

Liberty Street takes control of $200m VC secondaries fund

The SharesPost100 fund, designed to democratise access to VC, is managed by ex-HQ Capital secondaries co-head Christian Munafo.
dealflow

The GP-led market is back, but not as we know it

An apparent flurry of dealflow doesn’t mean they will all get across the line
Chicago

Adams Street: Buyers must adjust to new risk environment

Strategies that worked well for buyers during the bull market may no longer work, says the investment firm's head of secondaries Jeff Akers.
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