Secondaries Deal of the Year in Asia
1. Ardian, Goldman Sachs, Montana Capital Partners and Ping An for strip sale
2. Campbell Lutyens, Navis Capital Partners and NewQuest Capital Partners for continuation vehicle
3. Axiom Asia, Evercore, LGT Capital Partners and Vertex Ventures for continuation fund
With the inclusion of Goldman Sachs’ Vintage Funds, Montana Capital Partners and Ardian rose to take the top spot in this category after coming in second place last year for a similar transaction with Chinese insurance giant Ping An. The group lifted around $750 million-worth of Western GP fund stakes off Ping An’s balance sheet and placed it into a new fund. The transaction provided unfunded capital that will make investments in secondaries and co-investment deals out of a newly created GP Opportunities Fund.
Secondaries Firm of the Year in Asia
1. TR Capital
2. Partners Group
3. NewQuest Capital Partners
The Hong Kong-headquartered firm traded spots on this year’s list with 2020’s winner, NewQuest Capital Partners. TR Capital, one of Asia’s biggest direct secondaries investors, hit its $350 million hard-cap for Asia-focused TR Capital IV, taking firmwide assets under management over $1 billion. The firm deployed roughly $200 million, including a $96 million direct investment in Bochewang, as part of its VIE restructuring process. The firm also opened its fourth global office with a bureau in Shenzhen.
Secondaries Adviser of the Year in Asia
2. Campbell Lutyens
Evercore proved dominant in the Asian secondaries market last year, advising on over $4 billion of secondary dealflow across GP and LP transactions in the region, including Mubadala Capital’s $1 billion-plus stapled secondary transaction and a $1 billion pan-Asian spin-out portfolio comprising eight growth companies. On the LP side, Evercore advised on a large LP portfolio sale of eight global venture funds of funds and infrastructure and co-investment funds for one of Australia’s largest superannuation funds.
Secondaries Law Firm of the Year in Asia
1. Kirkland & Ellis
2. Ropes & Gray
Repeating its success in this category, Kirkland & Ellis worked on $8 billion-worth of secondary transactions in Asia in 2021, including six LP portfolio sales worth $2.5 billion in aggregate transaction value and 13 GP-led fund restructurings worth $5.5 billion. It also advised Ardian Investment on an LP portfolio trade and a stapled secondary transaction valued at $188 million, as well as Partners Group on the MBK Partners lift-out of a Korean fried chicken company worth $450 million.
Here is the full list of winners across the three geographic regions: Click an award to read more…