The firm’s best performing secondaries vehicle by investment return is its 2000-vintage Lexington Capital Partners IV, documents from a US pension show.
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Buyers paid more than 90% of NAV for fund stakes in the strategy as a hedge against possible market falls, according to Setter Capital.
Fewer buyers sought IRRs of above 15% last year compared with a year earlier, a survey by advisory firm Cebile Capital has found.
Data from the Institutional Limited Partners Association shows secondaries was the worst performing strategy on a quarterly basis in the third quarter of 2016.
Reports from Evercore and Partners Group herald a growing imbalance this year.
‘PE directs’ were underwritten at higher target multiples than purchases of stakes in any type of strategy last year, according to Setter Capital.
Secondaries funds have almost quadrupled in average size since 2008, PEI data show.
Dedicated private equity secondaries vehicles are seeking $10bn less in total than they were this time last year, according to PEI data.
Average top bids for stakes in infrastructure funds have surged 33% since 2011, according to advisory firm Setter Capital.
More than half of investors looking to deploy $500m or more access the secondaries market by purchasing stakes, the most popular method, according to a survey by Probitas.