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LP Sales
Wider discounts in the LP portfolio market drew buyers to fund stake transactions over sponsor-initiated deals in H1, according to Holcombe Green, global head of private capital advisory at Lazard.
Market disruptions can motivate large investors to evaluate how they generate liquidity, oftentimes leading to repeat sales, according to Strategic Partners' global head.
Four ways the AI and machine learning-focused firm is deploying its tech-enabled secondaries system in the LP portfolio market.
British defined benefit pension schemes have been selling private markets exposure over the past year, though not under duress.
Jonathan Gray’s contention, that discounts on LP portfolios could increase, runs contrary to the trend this year of strengthening pricing.
The sale is being run in steps, with the first round of about $500m recently closed.
The teachers’ pension portfolio is among several that have moved through the market this year, helping to drive secondaries volume even as activity on the GP-led side of the market remained muted.
The transaction marks the fourth transaction from ICG LP Secondaries Fund I, Secondaries Investor understands.
The deal is understood to be Partners Group's largest secondaries deal on a total adjusted commitment basis.
LPs are facing a difficult choice as they balance liquidity challenges with the deep discounts on offer in the secondaries market.