LP Sales

Yale's sizeable portfolio sale could spur a number of endowments to follow suit – with programmatic seller Harvard in market alongside it.

It has become increasingly common for sellers to seek to negotiate a limit on their clawback liability, according to law firm DMX Partners.

The transaction, which could total as much as $1bn in size, is understood to comprise a concentrated list of funds and managers.

The denominator effect will resurface in 2025, motivating LPs to sell into the secondaries market for active portfolio management, according to a report from PJT.

While the exact size of the portfolio is unclear, Secondaries Investor understands the portfolio could range around the $5bn and $6bn mark.

Secondaries investors are 'adding the equity risk premium for all the unknowns' and breaking down deals into smaller bites to better manage risks.

The joint venture is structured as a RAIF and will look to acquire mainly senior-secured direct lending stakes.

While some LPs that had planned to sell into the secondaries market this year are mulling whether the time is right, others are ploughing ahead with their processes – for now.

The sale follows the close of Ardian’s latest secondaries flagship programme on a record-breaking $30bn.

The Australian superannuation fund, which was looking to sell prior to the US’s tariff announcements, is facing difficulty gauging pricing amid recent uncertainty, head of PE Jenny Newmarch tells Secondaries Investor.