Performance

While initial secondaries volume estimates point to a record first half, expectations for full-year 2022 may have to be revised downward.

The deal totalled somewhere in the range of $2bn to $2.5bn, making it one of the largest deals of the year.

The firm has seen several examples of transactions that it previously passed on being relaunched with refreshed pricing.

Many public institutions in the US are exploring portfolio sales thanks to a confluence of factors that has left them at, or above, their private equity allocations.

The booming secondaries market is reflected in this year's survey, with several respondents closing on twice the deal volume recorded in pandemic-hit 2020.

The transaction involves the asset manager and other institutional investors acquiring a structured minority interest in a portfolio of assets as part of the UBS-advised deal.

The Chicago-based manager will target opportunities where it has an informational advantage that allows it to profit from 'value arbitrage', according to secondaries head Jeff Akers.

The deal is among a handful of GP-led secondaries processes that have moved through the market, which has become more challenging because of pricing uncertainty.

LPs are beset with a glut of requests for re-ups from their existing managers, in many cases at a much quicker pace than ever before.

The asset management arm of the Dutch energy company overcame market volatility to sell a €700m private equity portfolio, though planned to sell more.