GP-Leds

Think you know the difference between a fund recap and a restructuring? Your peers might not.

A group of secondaries firms purchased LP interests in two special situations funds for a single-digit discount to net asset value.

Direct secondaries firm Nova is among four final bidders that would recapitalise Fenway’s 1998-vintage Fund II and 2006-vintage Fund III.

Perseus’ five legacy funds finally have a new owner in distressed investment firm Centre Lane, giving longstanding LPs a liquidity option. But it wasn’t your average secondaries deal.

The deal, orchestrated by Cogent, will let Perseus finally wind down operations.

The transaction comes months after Lexington Partners and Newbury Partners led the restructuring of GMT's $365m Fund II.

Proskauer partner Sean Hill said this week that fund recaps will become a more common strategic management tool.

The San Diego County Employees’ Retirement Association plans to reduce the number of private equity funds in its portfolio from 53 to between 25 and 35.

Cincinnati-based Fort Washington Capital Partners has closed its third private equity opportunities fund on $150 million.

The trio of advisors brokered circa $25bn in transactions last year, accounting for nearly half of all estimated secondaries market activity.