Some LPs have felt so frustrated at the way continuation fund processes have been run that they have decided not to re-up with their manager, representatives from the investor body told Secondaries Investor.
Presenting the second instalment of Second Thoughts, a special series from Secondaries Investor that delves into the latest trends affecting the fastest-growing market in alternatives.
Oakley acquired a majority stake in IU Group in 2017 via €800m Oakley Capital Private Equity III fund, alongside a number of underlying Fund III investors.
Pent-up demand among sellers facing liquidity pressures and looking to rebalance overexposure issues is expected to bring more processes to market, though later this year.
The sale follows a recommendation from SCERS staff and consultant Cliffwater to sell down commitments made to 2006-08 vintage funds to deal with overallocation.
The preferred equity specialist has grown rapidly since its formation in 2015.
There were multiple $1bn-plus fund finance transactions in the market in the first quarter with at least 30 new entrants to the market, according to a report from PJT Park Hill.
Aquilius founder Bastian Wolff spent 15 years at Partners Group, including most recently as head of Asia private real estate, while fellow founder Christian Keiber was previously a managing director in Blackstone’s Asia PE team.
Coller acted as sole lead on the transaction, which represents the third deal the firm has carried out with China's Legend Capital.
The industry veteran is joining the New York-based credit shop as it closes its first institutional private fund.
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