While secondaries activity shows no signs of slowing, LPs and GPs need to get on the same page about how to smooth out this process for institutional investors going forward.
Large recapitalisations and a rebound in LP portfolio transactions drove real estate secondaries to the highest mark yet.
The GP-led specialist, which recently became part of Tikehau Capital, acquired exposure to seven early-stage assets managed by Prime Venture Partners.
Metalmark Capital's single-asset SPV on Innovetive Petcare could be worth $450m, Secondaries Investor understands.
While GP-led deals took the biggest slice of market activity in 2022, LP deals, especially in the second half, started flowing back into the market.
Despite the shift to newer vintages, early distributions and higher IRRs remain important to secondaries investors, said managing director Cari Lodge.
The team led by former Strategic Partners executive Wandy Hoh is targeting LP-led and GP-led deals in the infrastructure space.
These figures represent an increase of around 120% YoY, driven by pent up buyer demand and a steady stream of high-quality LP- and GP-led opportunities.
The Darien, Connecticut-based alternatives manager has raised more than $1 billion over its initial target.
While GP-led deals managed to retain their dominance over LP deals by a thin margin, both halves are poised for continued growth this year.
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