With the number of buyout-backed companies growing and exits not keeping up, funds are finding themselves with almost no dry powder.
The average reported deal value per adviser went up $3bn from 2023, reflecting a surge in activity as secondaries activity hit historic levels in 2024.
A report by the investment bank and the HEC School of Management in Paris has reaffirmed findings that continuation funds perform largely in line with buyout funds with less risk.
The ninth edition of our law firm survey shows top law firms advising on a collective $1.03tn of transaction volume, nearly $150bn greater than cumulative numbers seen last year.
Last quarter saw 11 continuation vehicles close, with a dozen more hitting or looking to hit the market, according to data gathered by Secondaries Investor.
The median MOIC for continuation funds slightly outperforms that of buyouts, in line with findings presented early last year including a larger data set, according to a report.
While fundraising figures in the first quarter were lofty, most of the capital raised came from Ardian’s record-breaking close in January.
Secondaries were seen as offering the best investment opportunities for about 28% of LPs this year, up from 24% in 2023, according to a survey from Adams Street Partners.
Last year saw 70 continuation vehicles close, with scores more hitting the market, according to data gathered by Secondaries Investor.
Small-cap secondaries funds have a number of competitive advantages over their larger counterparts, including higher discounts due to a mismatch in supply and demand, according to a new white paper from the Paris-based buyer.