GP-Leds

A quick exit out of a continuation fund can also raise questions about whether a GP knew about a potential exit even while pursuing the continuation fund, or if the offer came out of the blue.

Secondaries investors in the $1.1bn continuation fund also committed to the firm's latest fund in market, which closed on more than $2.3bn.

The European buyout firm moved Sunrise Medical into a landmark €2.5bn multi-asset continuation vehicle six years ago.

Crown Secondaries Special Opportunities III has closed on $3bn ahead of its $2.5bn target.

The single-asset continuation fund process is part of a wave of such deals GPs are attempting as a way to deliver proceeds to limited partners in older funds at a time of slow exit activity.

The transaction is in the early stages and could reach $2bn in size, sources have told Secondaries Investor.

Not every firm has smashed the lights out when it comes to fundraising for vehicles focusing on concentrated bets.

Speaking at the HKVCA's Greater China PE Summit on Monday, Lexington director Niklas Risberg said buyers require discounts and strong GP alignment to get comfortable with the region's higher level of risk.

Michael Camacho, a former long-time AlpInvest Partners executive who has worked in North America, Europe and Asia, is understood to be leaving this week.

Inventory on the GP-led side of the business is high and the completion rate for such deals is said to hover around 50%.