Law firms saw a huge increase in secondaries work during the period under review, with GP-led deals cementing their place as the most popular transaction.
Funds set up to allow sponsors to hold assets for longer typically must satisfy both an IRR and MOIC hurdle, research from law firm Paul Hastings has found.
In the absence of market mammoths, firms raising for once-niche strategies such as concentrated-asset deals and preferred equity populated this year's list.