Multi-family office Verium has sold two direct investments into a continuation vehicle backed by institutional capital.
The firm has a subscription credit line of up to 30% of the total of Adams Street Global Secondary Fund 7, US pension documents show.
The situation is an example of the challenges of completing LP portfolio sales in today’s market, with a widening gap between buyer and seller pricing expectations.
The firm, which is seeking $15bn for ASF IX, recorded its biggest year of secondaries deployment last year.
Supply and demand in the secondaries market is a key focus as LPs look to tap liquidity, according to Ed Ford and Sacha Gofton-Salmond, partners in the funds and secondaries team at Travers Smith.
Goldman's predecessor Fund II raised $2.75bn, making it the third-largest real estate secondaries fund raised at the time.
The secondaries market for energy assets has become more favourable this year with the war in Ukraine driving higher commodities prices.
Activity within the secondaries market will bounce back stronger than ever in 2023, says Shane Feeney, managing director and global head of secondaries, in this sponsored Q&A.
Public pension systems that are overallocated due to the denominator effect and market volatility are expected to produce a flood of fund stake sales.
Allianz can already invest in secondaries via its Allianz Private Equity Fund and Allianz Global Diversified Infrastructure Equity Fund.
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