GP-leds

Calvin Marks joins the Pasadena-based firm as it invests its second niche secondaries fund, which closed in August on $213.4m.

The secondary is the first for Inovia, and represents a rare instance of not only a large continuation fund process in Canada, but one that involves VC assets as well.

Several firms have added secondaries capabilities, either by building in-house groups or acquiring outside firms, like Ares Management, which bought Landmark Partners earlier this year.

Last year, the Boston mid-market GP carried out a $1.7bn process on its 2012-vintage fund, backed by AlpInvest, Lexington and Hamilton Lane.

Mike Custar and Jake Stuiver of White Plains-based secondaries advisory M2O discuss the return of the LP market as a counterweight to GP-led deals.

Double-down funds don’t pose an immediate threat to the continuation fund market, but they are a reminder of the need for secondaries funds to justify their fees.

The firm has used the secondaries market to institutionalise its investor base and is increasingly appearing as a buyer in real estate deals.

Holding assets longer is not always the first consideration for prized assets, healthcare investors said at a Dechert conference.

The single-asset process is focused on Hispanic food-focused Flagship Food Group, which was subject to a GP-led process in 2018.

The investment firm has committed to a double-down fund that Kibo Ventures will use to co-invest in existing portfolio companies as part of the transaction.