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real estate growth
Large recapitalisations and a rebound in LP portfolio transactions drove real estate secondaries to the highest mark yet.
wind power
A recent GP-led deal involving an evergreen structure represents a novel way for infrastructure investors to hold on to assets. The question is whether such transactions can scale.
The Carlyle subsidiary has hit the hard-cap on ASP VII and raised $1.2bn for co-investments, with support of LPs such as the California Public Employees' Retirement System.
ICG underwrote nearly half the transaction on Curium Pharma, an asset described as 'cream of the crop' by one secondaries buyer.
The flight towards high-quality assets is ongoing as buyers wait for clarity on the real economic impact of covid-19, according to Jasmin Capital's head of secondaries.
Campbell Lutyens worked on $12.5bn of deals last year including five single-asset restructurings, two strip sales and two preferred equity deals.
The €46bn asset manager launched Strategic Equity IV in early November due to faster-than-expected deployment of its current vehicle.
This is the second GP-led process that HarbourVest has led on a Portobello fund, after the 2015 restructuring of 2006-vintage Fund II.
The process carried out by Antin Infrastructure Partners gives more capital to fast-growing assets in its 2016-vintage Fund III, including three fibre companies.
tax light bulb
Elliot Weston, head of UK Tax and partner at Hogan Lovells, lays out the effects on buyers and sellers of LP fund stakes and what to expect from the proposed changes to stamp duty.

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