News & Analysis

The transaction follows another lead position for Montana on a €146m single-asset vehicle last year.

Regulators have accused funds of foisting their fiduciary duties onto outsourced firms.

The VC secondaries specialist reached the $850m hard-cap for its predecessor, which held its final close in 2021.

As prices generally come with discounts to net asset value, existing LPs have been slow to sell in tender processes.

Investing in private debt fund stakes and assets would be a natural extension for the firm, chief investment officer of wealth and asset management Julian Salisbury tells Secondaries Investor.

The transactions sees four assets moved from Amsterdam-headquartered private equity firm Bencis’ €408m Bencis Buyout Fund IV into the new vehicle.

The firm wants to move CycloMedia and Digital Barriers into a separate vehicle with as much as €300m in NAV.

Opportunities abound for young talented women in the secondaries industry due to the diversity of the job itself, according to the senior managing director.

Many GPs are interested in finding ways to deliver proceeds to liquidity-hungry investors in older funds as well as boosting fundraising in the challenging environment.

The move is the latest in a slew of relocations in the space, as both established and new players look to add talent.