LP Sales

GP-led deals accounted for a majority of transaction volumes in the first half – don’t bank on a repeat.

Japan’s regional banks have been expected to be a key source of secondaries dealflow after piling into alternatives over the past decade.

The $25.3bn US public pension wants to sell private equity fund stakes and divest of non-strategic relationships, documents show.

The $95bn state pension had an 11.1% allocation to private equity over a 7% target prior to the transaction, according to Secondaries Investor data.

The deal, which involved buying fund stakes from Aberdeen Standard Investments, is the first of size for ICG's LP funds team, led by two ex-Pomona executives.

More than 90% of GP-led transactions priced at a 5% discount or better compared with only 32% of LP-led transactions, Campbell Lutyens reports.

Four months after bringing on Jake Stuiver from Evercore to build out the strategy, the firm continues to devote resources to the LP side of the market amid the post-covid rebound.

The sheer scale of GP-led secondaries is enormous. But with turnover still marginal, the LP side is also poised for exponential growth.

LP portfolio sales fell to account for around half of total deal volume last year as GP-led processes surged.

The deal is leading off a year that many secondary market players expect to be particularly busy with not only GP-led transactions like restructurings but also large, traditional LP portfolio sales.