News & Analysis

There are various stages involved in getting these deals over the line, though greater levels of complexity can stretch timelines.

The top 10 known commitments to 2022-vintage secondaries vehicles totalled $4.77bn, buoyed by ADIA’s whopping $4bn commitment to Ardian’s ASF IX.

Though fund sponsors do not value portfolios on a daily basis, comparisons can theoretically be drawn between public stock market pricing and LP secondaries trading.

The firm took up a managing director from its founder's old employer, while tapping three other firms to expand its platform.

Such transactions can generate liquidity for LPs, validate a mark and allow a GP to retain control of a well-performing asset, says Todd Miller of W Capital Group.

There is an expectation that tender activity will increase as GPs look for ways to deliver liquidity back to LPs as exits slow, and at the same time boost fundraising in the sluggish environment.

Eurazeo and Pantheon are also understood to be participating in the transaction in the buyout firm's 2013-vintage Fund IV.

Insurance companies are stepping in to fill a supply gap in fund finance, and one of the insurance worlds’ first movers in the market is looking to expand its fingerprint.

LP portfolios accounted for close to half of the roughly $106bn in volume last year, according to the advisory firm and placement agent's 2023 Secondary Market Overview.

Pricing of assets and LP stakes remain points of contention between buyers and sellers, which has made it challenging for secondaries deals to reach final close.