Canada's largest pension fund has used preferred equity in a transaction that helps the Asia-focused buyout firm with its Fund V, Secondaries Investor has learned.
The acquisition of Arle Capital Partners by a distressed legacy specialist is the latest in an almost decade-old attempt to salvage the UK investor’s legacy portfolio, sister publication PEI reports.
The acquisitions comprise interests in European midmarket buyout funds.
The fund of funds manager invested around €200m in secondaries and co-investments last year, according to a statement obtained exclusively by sister publication Private Equity International.
Secondaries buyers' desires have changed over the last 18 months with safer mega-funds more popular than niche strategies, according to Palico.
The global investment firm's offer of par to 30 June NAV was not taken up by the majority of LPs, Secondaries Investor has learned.
Opportunistic sellers are adding newer vintage funds to their portfolio sales in order to attract better pricing for the bundles, according to a report by the investment bank.
The $17bn pension fund wants to hire a manager to help it achieve diversification across vintage year, industry sector and strategy type.
The interest in TowerBrook's 2008-vintage fund was SL Capital Partners' listed vehicle's sole secondaries purchase during the last six months.
Three advisors accounted for around half of the $40bn in deal volume last year, which saw an increase in GP-led restructurings and a rise in real assets deals.