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The need for transparency, always a vital aspect of executing a GP-led deal, takes on greater significance when external M&A buyers express interest in picking off choice assets.
The health crisis has been an exogenous factor that has led some LPs to 'reassess from the ground up', according to the Blackstone unit's Europe head.
Investors in Hopu Masterfund II can roll into a continuation fund with real estate investor and operator GLP China or sell their stakes in a deal that could be worth as much as $2bn.
open door
The sheer scale of GP-led secondaries is enormous. But with turnover still marginal, the LP side is also poised for exponential growth.
Ed Ford_Travers Smith
The law firm has promoted Ed Ford, who in the last year has advised on GP-led transactions worth billions in transaction value, to bolster its secondaries capabilities.
The astronomic rise of single-asset deals, GP stakes and the increasingly blurred line between M&A and secondaries were among the topics under discussion.
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The credit mammoth expects to cross-market strategies between its and Landmark Partners' respective client bases, chief executive Michael Arougheti said.
The four-person team led by managing director Matthew Wesley will join Jefferies less than a year after joining Guggenheim.
Yuan to dollar restructuring
Buhuo is the latest Chinese GP using secondaries to raise capital from what is perceived to be a more stable LP base than those at home.
With assets live in the market, outside buyers occasionally swoop in and make better offers, upending months of work building consensus on the secondaries deal.

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