GP-leds

The $55.6bn asset manager is investing Pantheon Global Secondary Fund VI and related separate accounts, which raised $2.2bn by final close in June.

A recent GP-led deal involving an evergreen structure represents a novel way for infrastructure investors to hold on to assets. The question is whether such transactions can scale.

GP-led deals have taken a large slice of deal volume since the pandemic as buyers back away from diversified LP portfolios.

Total deal volume for last year was around $60bn – a figure in line with 2017 levels, according to estimates from the investment bank shared with Secondaries Investor.

Secondaries Investor catches up with Brenlen Jinkens, Todd Miller and Scott Beckelman to discuss their immediate plans at the financial services firm and how they expect the secondaries market to evolve.

The process on Giza V was run by Asante Capital, which in June hired ex-Rede Partners secondaries head Yaron Zafir as a senior advisor.

The continuation fund is worth $1.7bn and holds assets including a specialty chemical maker, a dental practice management company and a wire and cable producer.

The firm is in market targeting $1.25bn for its fourth secondaries fund and is set to launch a vehicle targeting GP-led deals.

Single-asset deals accounted for 30% of GP-led transactions in the first half, up from 20% in 2019, according to Evercore.

Alpine Investors lifted employment services provider TEAM Services Group out of its 2013-vintage fund in a $362m deal.