GP-Leds

The deal involves transferring an asset to a continuation fund managed by TRP Capital, a lower mid-market player with no prior engagement in GP-led secondaries.

GP-led deals represented about 44% of the approximately $109bn in total volume last year, with single-asset transactions representing the majority of such deals.

The final close of TPG GP Solutions will be one of the key pillars driving the firm’s growth in 2024, CEO Jon Winkelried said in its latest earnings call.

The $19.1bn system looks to become the latest public pension to change rules to allow flexibility.

The Morgan Stanley-advised process on ski resort Alterra Mountain was backed by investors understood to include Singapore's GIC.

Morgan Stanley research shared exclusively with Secondaries Investor provides evidence that continuation vehicles can meaningfully outperform buyout funds on a median basis

The firm has previously tapped the secondaries market to run a €1.3bn single-asset process on investor administration group IQ-EQ.

Primary Venture Partners ran the secondaries process to generate liquidity for limited partners in its first fund.

More than one in four GPs used the secondaries market to extend hold periods, while a further 18% were enticed by unfunded commitments, according to the investment bank.

The system recently changed its policy to allow for quick commitments to continuation funds.