News & Analysis

The secondaries business has replaced Brian Wright, who left the business back in August 2008, with former Adams Street partner Oliver Gardey.

The Boston-based fund of funds and secondaries firm has held a final close on Dover Street VII, the global secondaries fund that earlier this year backed Lehman Brothers’ venture spin out.

The Blackstone spin-out has already held a first close on its second fund to focus on direct venture capital secondaries. It recently acquired stakes in nine new companies including Facebook, Zappos and eHarmony.

The London-listed private equity firm has offloaded a portfolio of 10 venture capital investments to the secondaries specialist. 3i has also exited its growth capital investment in shipping services company Instone International for between €30m and €50m.

The bank’s Alternative Investment Partners division will target buyout funds in North America and Western Europe, global venture and global special situations funds.

The San Francisco-based placement agent, advisor and secondaries broker has hired ex-AIG Investments executive Edwin Chan to lead its first Asian office.

GS Vintage Fund V will focus on LP private equity interests and providing liquidity to LPs and GPs around the world, focusing on deals ranging in size from $1m to $1bn.

The New York-based investment bank has hired two former Bear Stears private equity secondaries executives, Jeff Hammer and Paul Sanabria, to run its new advisory service.

Credit Suisse has filed a lawsuit against Netherlands-based family office Plaza Group, claiming it illegally transferred hundreds of millions in LP interests 'in a brazen conspiracy'. Bankrupt Plaza has blamed Credit Suisse for encouraging it to back 'poorly performing funds'.

The private equity firm has created a site for potential sellers and buyers of its fund interests to exchange info, a move that puts Sun Capital into one of the IRS’ ‘safe harbours’ from certain US tax regulations.