The European directs and fund of funds specialist wants to offload minority stakes in at least 20 companies spanning sectors including industrial and manufacturing, Secondaries Investor has learned.
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Average bids for so-called unicorns will fall by 10 percentage points following a year of ‘unrealistic’ valuations, according to a report by the advisory firm.
Andrew Rich’s departure is the second since October from the direct secondaries pioneer as it shifts its focus to private credit.
The definition of secondaries is expanding, as large-cap managers use annex fund commitments and other alternative investments to manage assets, according to the investment bank.
The Nordic direct secondaries firm had built up a 55% stake in Movimento, which counts GM, Fiat Chrysler and Volvo among its customers.
The global asset manager will begin investing Secondary Opportunities Fund IV this quarter, once SOF III is 100% deployed.
The Boston-headquartered firm’s round of promotions comes a month after it closed its oversubscribed secondaries fund Dover Street IX on $4.8bn.
Private real estate secondaries has grown exponentially as an institutional marketplace in recent times. But next year could see a change, say the participants at sister publication PERE’s second annual secondaries roundtable.
The direct secondaries specialist has purchased a 50% share in a collection of properties that include the building that houses the London Stock Exchange.
Jonathan Sibilia was appointed to the position at the venture capital investment firm in early December.