News & Analysis

New York firm SecondMarket says it has attracted more than $500m worth of secondaries for its new LP fund interest trading platform.

A management group from Lehman Brothers Venture Partners will spin-out to become Tenaya Capital, which will have $750m in capital and 45 portfolio companies. HarbourVest completed a synthetic secondary transaction as part of the spin-out.

Secondaries specialist Coller Capital was the largest investor in the listed fund of funds’ recent rights issue, having picked up 50 million shares. The investment was made from Coller's fifth fund, which is around 55% deployed; the firm is expected to raise up to $6bn for Fund VI later this year.

Cogent has hired former Ernst & Young transaction manager Briac Houtteville as an associate and promoted Bernhard Engelien to managing director.

Average high bids for private equity fund interests fell to 61% of NAV in the five months through November 2008, driven by stale holding values, according to Cogent Partners.

The San Francisco-based secondaries firm has hired Rein Gabriel as an associate. Last month it hired former SL Green/Gramercy Capital executive John Graham to boost its acquisitions team.

The Southern California-based private equity advisor has hired James Gamett to head up secondary investments, which the company believes has become an attractive investment area.

The New York-based secondaries firm plans to capitalise on an expanding secondary market in 2009 and 2010. Fund VII will invest mostly in the US, but also in emerging markets.

The private equity fund of funds has hired former Unigestion secondaries executive Francesco di Valmarana amid increasing activity in the global secondaries market. The appointment brings the number of Pantheon's European secondaries team members to 25.

The UK-based secondary specialist has added Matthew Arkinstall to its team.