GP-Leds

A strip of performing loan investments have been moved off SMBC Group’s balance sheet to establish a new fund, according to a statement seen by Secondaries Investor.

Of the $27.6bn of GP-led activity seen in the first half, $17.2bn was deployed into single-asset or highly concentrated continuation funds, according to the adviser's mid-year report.

One-third of respondents to Secondaries Investor‘s latest survey of intermediaries say they worked with another adviser on a transaction during the reporting period.

More transactions are using a delayed payment structure in a bid to bridge mismatches in pricing expectations.

The firm is seeking $500m for a dedicated GP-led vehicle which has the potential to deliver enhanced returns.

Secondaries Investor reported in May that CVC Secondary Partners and Pantheon were leading the transaction around TIC asset Normec.

The sponsor-initiated secondaries market will hit a stumbling block if incumbent LPs’ needs and wishes aren’t prioritised over those of incoming ones.

Diversis, formed in 2013, acquired a majority stake in Tempo in 2018, and bought the rest of the company in 2022.

The country’s largest public pension will pursue both private equity and private credit continuation fund opportunities, according to investment policy committee member Sam Y Chung.

Growth equity assets are seeing ‘pretty good’ bargains, yet the mismatch in valuation expectations may hinder dealmaking.