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GP-led restructuring transactions have become more acceptable for buyers and are expected to be a growing trend over the next few months, according to Credit Suisse private fund group director Mark McDonald.
Texas capitol
Austin-based Employees Retirement System of Texas counts Industry Ventures, Lexington, LGT and Southern Cross among its secondaries fund managers.
Axiom Asia invests about 20% of its fund of funds in secondaries and co-investments but hasn’t seen any GP restructuring deals attractive enough to pursue, says head of secondaries Alex Sao-Wei Lee.
The New Mexico State Investment Council’s recent secondaries activity should encourage other LPs to take advantage of full pricing and demand.
GPs taking the lead on liquidity events will draw more investors to private equity and drive secondaries pricing up, according to Neil Campbell, head of Tullett Prebon Alternative Investments.
Partners Group has purchased stakes in funds managed by 3i and Apax at a price slightly above NAV.
Investec is bolstering its US presence as secondaries funds increasingly use leverage in more specialised ways, according to head of fund finance Simon Hamilton.
Private equity secondaries volume during the period was $16bn and real estate transactions accounted for $3bn, according to Setter Capital.
Vienna-based Österreichische Volksbanken-AG has sold a stake in Polish private equity fund Nova Polonia Natexis II.
The London-based firm paid £27m to purchase an LP's interest in its €5bn Eurofund V, which agreed to exit designer jewelry company John Hardy this week.

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