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Snapping up secondaries is not as straight-forward as it was in 2011 and 2012.
LPs need to be pushing harder to realise value from venture funds that are 10-12 years old, a report suggests – which may be good news for secondaries players.
Evoco’s restructuring of an ailing private equity portfolio (backed by secondaries firm Headway Capital) illustrates one way that the industry can deal with its many dysfunctional funds.
Andrew Caspersen will focus on the growing need of GPs to restructure aging funds that are approaching the end of their lives.
CPPIB has anchored a vehicle managed by the Grant Behrman-led firm to house five portfolio companies. The companies will pay an exit fee used mostly to cash out existing LPs.
The restructuring, financed in part by an investor group that includes Landmark and Vision Capital, is seen as a way of providing options to LPs in a fund that has lived beyond its intended life.
Gerry Grimstone will step down as chairman of Candover Investments as the investment team breaks away to form a new entity, Arle Capital Partners.
The firm’s secondary team, which has committed 75% of its $2.9bn Fund VII, has jointly funded the spin-out of a German VC group whose new media portfolio includes some high profile companies like Groupon.
A management group from Lehman Brothers Venture Partners will spin-out to become Tenaya Capital, which will have $750m in capital and 45 portfolio companies. HarbourVest completed a synthetic secondary transaction as part of the spin-out.
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