Secondaries buyers’ desires have changed over the last 18 months with safer mega-funds more popular than niche strategies, according to Palico.
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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.
The firm ranks number one in this year’s list of the biggest primary private equity managers, which also includes Partners Group and Ardian.
With roughly $40bn in deal volume last year and transactions spanning various asset classes and strategies, the secondaries market is as active as ever, as our new advisory survey finds.
The tail-end specialist has acquired more stakes from the world’s largest asset manager using its latest secondaries vehicle.
The Kuwait-based investment company came to market with a portfolio of mainly buyout stakes.