LP portfolio sales led volume last year, clocking in at an estimated $60bn out of a total of $115bn, according to PJT Park Hill’s full-year volume survey.
China funds are trading at a 50% discount to NAV even after a decline in private markets valuations, according to managing director Kent Chen.
The amount of capital raised for the strategy last year eclipsed the previous $101bn record set in 2020, data from Secondaries Investor shows.
The Blackstone unit previously raised $3.75bn for its third programme focusing on the asset class.
Sebastien Siou, who has prior experience at Whitehorse Liquidity Partners and CPP Investments, joined the LP secondaries firm this month.
The $138.5bn system recently sold huge stakes of its private equity portfolio.
The buyout and growth firm is the lead buyer in the GP-led deal – the latest example of a non-secondaries firm backing a secondaries deal.
Dealmaking is due for a comeback this year with the return of financial sponsors and more demand for liquidity, according to a panel at IPEM Cannes.
Strengthening pricing drove activity, helped by stabilising interest rates and an overall improvement in economic outlook.
UK-headquartered buyout firm Preservation Capital Partners has moved its stake in specialty insurance and reinsurance broker BMS Group into a continuation fund.
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