GP-leds

The firms crowned in all 12 of the PEI Awards secondaries categories have one thing in common – can you guess what it is?

The asset management giant has backed a process involving a core-plus portfolio in the Greater Boston area and has infrastructure and private equity secondaries in its sights.

The €270m deal involves German fire protection business svt, an investment made in 2018 by European mid-market buyout shop Ergon Capital.

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.

Buyers are requesting a bigger GP stake in continuation vehicles and cross-fund investments are on the rise, according to the advisor.

There was a 'significant uptick' in financing requests for GP-led deals in the third and fourth quarter, according to a survey by the lender.

Negotiations between the financial services investor and the former PJT Park Hill secondaries head are understood to have been over what shape the business would take.

Many companies need extra time and capital to continue making add-on acquisitions, according to the bank's head of secondaries Nash Waterman.

The private equity firm has traditionally retained exposure to assets the 'old fashioned way', according to managing partner James Brocklebank.

Several advisors are looking at how special purpose acquisition companies can widen investor access to GP-led secondaries deals, though the obstacles are many.