The $36bn university endowment has hired Cogent Partners to sell some of its real estate interests.
Partners Group generated $77bn in private equity secondaries deal flow across 450 deals in 2014, but the firm remains selective in an increasingly competitive market, says co-head of private equity secondaries Adam Howarth.
The deal, orchestrated by Cogent, will let Perseus finally wind down operations.
Just three advisory firms accounted for nearly half of the estimated $52bn in secondaries activity last year.
The trio of advisors brokered circa $25bn in transactions last year, accounting for nearly half of all estimated secondaries market activity.
Long-standing relationships and LP-friendly terms were key elements in HarbourVest’s €215m stapled transaction with Doughty Hanson.
General Catalyst makes early-stage and growth equity investments in companies such as global accommodations website Airbnb and mobile payment service Venmo.
In the latest change to the secondaries advisory landscape, UBS is staffing back up – and interestingly taking a cue from some of the market’s smaller brokers.
The New Mexico State Investment Council’s recent secondaries activity should encourage other LPs to take advantage of full pricing and demand.
Dry powder and auctions are pushing prices for LP interests higher, explains Ed Gander, co-head of global private funds group at Weil, Gotshal & Manges.