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.

Yuan to dollar restructuring

China’s Buhuo completes yuan restructuring as it eyes international capital

Buhuo is the latest Chinese GP using secondaries to raise capital from what is perceived to be a more stable LP base than those at home.
mountain

Ardian and New Mountain end $2bn-plus GP-led after Blue Yonder acquisition

With assets live in the market, outside buyers occasionally swoop in and make better offers, upending months of work building consensus on the secondaries deal.

Leonard Green completes one of the largest-ever GP-led secondaries deals

The deal is one of the high-profile secondaries in the market this year helping to push activity volumes that some expect to reach record highs by year-end.
risk

Sponsors accept ‘first dollar loss’ to counter rich GP-led terms

Buyers are proposing fresh ways of ensuring sponsors stay aligned, according to a panel at PEI's Investor Relations, Marketing & Communications Forum.

New Mountain renegotiating $2bn-plus GP-led deal amid Blue Yonder deal chatter

Assets slated for a secondaries deal periodically get snapped up by outside buyers before the deals can close, a risk that increases the longer such deals linger in the market without closing.
Tail-end funds

Tail-end portfolios rebounding in 2021 – Elm Capital

Activity is driven by secondaries and funds of funds aiming to lock in returns and liquidate old vehicles, according to managing partner Etienne Deshorme.
transamerica

Montana backs Transamerica VC spin-out

The secondaries firm has gained exposure to a portfolio of around 20 high-growth businesses in the fintech and insurtech sectors.
books

BC Partners to take chunky stake in Springer Nature deal

The buyout shop is making a €300m investment from its latest fund in the process, which values Springer Nature at about $7bn.
three

Three things to know about Ares’ acquisition of Landmark

Ares’ roster of sponsor and LP relationships will enable Landmark to enter the credit secondaries market, do deals in Asia and raise larger funds.

Ares joins secondaries game through $1bn Landmark acquisition

The $197bn private credit and private equity giant follows TPG and Brookfield in looking to gain exposure to the rapidly growing secondaries market.
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