Decision-making can be a resource-intensive process, although it is one that LPs are becoming more familiar with.
Even amid today’s rocky macro environment, the industry’s biggest fundraisers continue to pull in more capital.
Buyers are showing greater manager selectivity but are willing to pay for quality, a Palico spokesperson said.
The JV with property investor ShopOne, struck on the back of a secondaries recap, provides fresh capital to invest in shopping centres in metropolitan areas.
The Minneapolis-based firm expects to finish deploying its most recent programme, Clean Growth Fund V, by the end of this quarter.
Buyers should beware of sponsors using the GP-led market to drive undeservedly favourable terms, said Pantheon secondaries co-head Rudy Scarpa.
Sevita, which offers various home- and community-based care services to the nation’s most in-need populations, has already produced gains for its current owners -- whome took the company private at a $1.4bn valuation in 2019.
Several firms have added secondaries capabilities, either by building in-house groups or acquiring outside firms, like Ares Management, which bought Landmark Partners earlier this year.
Ardian acquired a majority of the portfolio, offloaded to crystalise returns after a fiscal year in which Harvard's PE portfolio returned 77%.
Mike Custar and Jake Stuiver of White Plains-based secondaries advisory M2O discuss the return of the LP market as a counterweight to GP-led deals.