GP-Leds

One of Wall Street's biggest banks and an M&A goliath has decided it's time to turn its attention to the GP-led market, and it's making its mark.

NAV-based lending facilities can be more effective – and encounter less resistance from LPs – than preferred equity, says head of transactions at Rede Partners Magnus Goodlad.

LGT Capital has now backed two of the largest GP-led deals in Asia this year, having participated in IDG Capital's yuan-to-dollar restructuring in September.

The chairman of BC Partners' investment committee had previously said that single-asset deals and cross fund transactions were 'not worth the headache'.

Managing partner Daniel Benin discusses the firm's €1.6bn fundraise and how the new economy brought about by covid-19 will manifest in the secondaries market.

West coast-based Margaret McKnight had left the Carlyle Group real estate subsidiary in September last year after nearly 14 years.

ICG underwrote nearly half the transaction on Curium Pharma, an asset described as 'cream of the crop' by one secondaries buyer.

Sellers pushed on with secondaries sales despite the crisis and dealflow is likely to remain strong into December, according to Jared Barlow, a partner at the firm.

The two large GP-led deals are part of a shift in the secondary market away from traditional sales of fund stakes held by limited partners, to deals by GPs to manage assets held in older funds.

Medical devices business Confluent accounted for a majority of NAV in a transaction involving Ampersand Capital Partners.