The $37bn university endowment will make substantial cutbacks to its private equity portfolio, which one secondary investor calls a 'sophisticated' move to sell before other LPs do the same.
Following HarbourVest’s decision to walk away from a signed secondary transaction last week, sellers of private equity fund interests are concerned that buy-side MAC clauses will complicate secondaries activity even further.
The US secondaries, fund of funds and co-investment firm has brought on Jordan Robinson for product development and made additional senior hires for secondary investment and the Asian fund of funds team.
Goldman Sachs, Coller Capital and Lexington Partners are reportedly among the groups considering bids for Lehman Brothers’ investments in US and European private equity funds.
As private equity firms await a decline in valuations to deploy dry powder, GPs and LPs alike are looking at whether there is ample liquidity to meet capital calls.
The South Korean secondaries fund will invest in private equity and special situation portfolios in South Korea and Asia Pacific.
Pantheon International Participations has seen its net asset value grow by more than 20 percent in the last year. Current market conditions are causing the fund to shift focus nearly exclusively to the booming secondaries market.
The London-based secondaries firm has added Robert Savage to its team of 12 investment professionals as it invests a €730m fund and prepares to raise Fund IV.
The promotions of Brett Gordon, Alex Rogers and John Toomey brings to 20 the firm’s total number of managing directors worldwide, with five focused on the firm’s secondaries business and four working on direct investments.
The London- and Paris-based secondaries shop has closed its latest fund and is looking forward to the ‘attractive opportunity’ for the secondaries market caused by credit market dislocation.
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