LP Sales

The 'structural dislocation' in the APAC secondaries market will create opportunities for dedicated players, Aquilius’ new head of PE secondaries tells Secondaries Investor.

Belgian holding company Groupe Bruxelles Lambert has confirmed its unit GBL Capital will no longer make new commitments as it secures a dozen transactions.

The firm, which has opened an office in Hong Kong, closed at least five such transactions in the region this year, according to Jason Yao, head of Greater China.

Endowment sales ticked up in the first half of this year to around 15% of overall LP sales, according to Campbell Lutyens’ half-year volume report.

Clean-up deals have continued to grow as even traditional secondaries shops seek to close out older pools and deliver proceeds to long-time investors.

Alvaro Rosado joins the tertiary shop as it closes its first investment, acquiring around $140m of interests in funds managed by two prominent secondaries buyers.

Q3 saw $60bn of secondaries volume with just over half made up of GP-led deals, according to estimates from the investment bank.

The pension fund’s sale of private fund stakes in private equity and real estate is understood to be substantial in size, Secondaries Investor has learned.

The Palico Price Indicator utilises more than 25,000 anonymised data points to offer valuation ranges, as well as insights into potential buyer interest, Secondaries Investor has learned.

While there is growing demand for liquidity in the GP stakes market, significant structural barriers keep capital locked up.