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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.
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The system recently changed its policy to allow for quick commitments to continuation funds.
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The buyout and growth firm is the lead buyer in the GP-led deal – the latest example of a non-secondaries firm backing a secondaries deal.
Panellists at IPEM Cannes speaking from a stage
Dealmaking is due for a comeback this year with the return of financial sponsors and more demand for liquidity, according to a panel at IPEM Cannes.
Strengthening pricing drove activity, helped by stabilising interest rates and an overall improvement in economic outlook.
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Many public pensions face governance issues when considering continuation fund opportunities.
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Both LP-led and GP-led deals made it to the list this year as market participants seek innovative ways to access liquidity.
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Wider discounts in the LP portfolio market drew buyers to fund stake transactions over sponsor-initiated deals in H1, according to Holcombe Green, global head of private capital advisory at Lazard.
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In 2023, continuation funds spread to geographic markets anew and niche strategies such as impact funds, while increasingly involving complex situations and assets.
The firm has been in conversations with certain LPs about bringing Fund VI to market, likely next year, it is understood.
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