GP-Leds

Greenhill's secondaries advisory unit, which has lost seven MDs in the space of a month, made its name executing some of the largest LP portfolio sales.

The process, which was also backed by two co-investors, centres on a 2010-vintage fund with 10 assets across software, technology and healthcare sectors.

The GP-led process centred on Hightower Advisors is one of several large, concentrated processes in market as buyers make up for lost time.

The deal involved two funds managed by Method Advisors and is understood to have been backed by Strategic Partners.

The firm has invested in deals including last year's Allied Universal single-asset process, among other concentrated, growth-oriented secondaries transactions.

The distinction between secondaries and co-investments is becoming increasingly irrelevant, according to Patrick Knechtli and Colin Burrow from Aberdeen Standard Investments.

The process follows the close last week of a $600m yuan-to-dollar restructuring involving Chinese sponsor IDG Capital.

The private equity firm’s latest fund, the $16bn Capital Partners Fund IX, is understood to be participating in the transaction.

The four-person team, led by Dan Nolan, has moved to a Swiss outfit and is understood to be working with a US endowment on a portfolio sale.