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.

HKVCA secondaries panel (L-R) Joe Ma, AlpInvest Partners; Jolie Chow, PJT Partners; James Ford, Allen & Overy; Colin Sau, TR Capital; Bonnie Lo, NewQuest Capital Partners

Secondaries players spy opportunity in China reopening

Speaking at the HKVCA’s annual forum, Colin Sau, managing partner of TR Capital, said the firm is increasing its focus on China in 2023 after a slowdown in recent years.
Europe Texas investment

Impact manager Summa working with UBS on single-asset continuation fund

Summa Equity is looking to move Norwegian biowaste company Norsk Gjenvinning from its debut fund to a separate vehicle.
Wheat field, Ukraine

Harvest tender offer closes with what some see as tepid LP sales

The Harvest process allowed LPs in the firm’s seventh and eighth funds to sell their stakes at relatively high prices compared to other recent deals.

TR Capital leads on $150m India multi-asset continuation fund

Other buyers including Axiom Asia, StepStone Group and Unigestion participated in the continuation fund that will house three companies.
image of eye and telescope

Looking back: 5 deals that caught our eye in 2022

A massive LP sale, an energy-focused single-asset deal and an Asian continuation fund were among transactions that stood out during the year.
Abu Dhabi Investment Authority secondaries

Ardian and Mubadala Capital reach $2.1bn secondaries deal

Even as secondaries activity slows in the dislocated markets, certain large deals are getting over the line.
Fighter jet

Lockheed Martin shops $1bn private equity portfolio

Secondaries activity has slowed as a result of market dislocation and a wide gap between buyer and seller expectations.

Tesco shops £1bn-plus private markets portfolio

The portfolio is understood to comprise private equity, credit, growth and infrastructure stakes in a Campbell Lutyens-advised process.
skier on slopes back country

KSL runs continuation fund process for ski resort platform Alterra

Economic dislocation spurred by runaway inflation and rising interest rates is making it harder to close secondaries deals as the gap between buyer and seller pricing expectations widens.
data centre

DigitalBridge mulling second continuation fund

DigitalBridge has used secondaries market technology before, including a 2020 deal with Goldman Sachs Asset Management involving a preferred equity injection.

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