GP-Leds

With private equity portfolio sales proliferating, here’s why UK multi-family office Stonehage Fleming is an active secondaries buyer and Australian state fund QIC is not.

Movement across the secondaries market has not slowed down this year as professionals continue to swap positions.

The ninth edition of our law firm survey shows top law firms advising on a collective $1.03tn of transaction volume, nearly $150bn greater than cumulative numbers seen last year.

In spite of shockwaves from Trump’s on-again-off-again trade war, the secondaries industry is gearing up for yet another record year.

While there are a growing number of dedicated vehicles, the infrastructure secondaries market is undercapitalised.

Without new capital coming in, the firm is considering an extensive continuation fund process that would extend its ability to make new investments.

Last quarter saw 11 continuation vehicles close, with a dozen more hitting or looking to hit the market, according to data gathered by Secondaries Investor.

Corsair has raised a multi-asset CV for three assets, with the remaining exposure in one of the assets being moved to another vehicle.

The ASX-listed litigation funder closed what it believes is the first CV deal involving legal assets last month, chief executive Raymond van Hulst told Secondaries Investor.

Part of Vista Equity's contribution to the deal will come through its private wealth channel, a source said.