GP-Leds

A few dozen positions held in the 2005- and 2007-vintage Sankaty Credit Opportunities Funds II and III were moved into a separate vehicle in a deal that closed in early June.

The potential process is the latest in a string of blue chip GPs exploring secondaries processes on their funds.

Misaligned incentives, a lack of information and tight timeframes are the chief concerns of LPs, a majority of which have encountered a GP-led process.

Allied Universal, the largest security force in North America, was valued at $7bn and could be moved into a separate vehicle backed by secondaries capital.

The total deal is valued at just under $800m and the voting period ends this week.

The CEE-focused buyout firm, which is seeking €800m for its fifth flagship, is considering restructuring options for its 2007-vintage fund.

While many credit funds wrap up cleanly, a lot don’t, and lenders are left to navigate how to deal with leftover loans and investor commitments.

LPs can find the options are limited when a fund manager restructures the leftover assets in a fund nearing the end of its life.

The secondaries firm is in pole position to back a GP-led process on Vitruvian Partners' 2007-vintage fund, which has around €850m in remaining NAV.

In part 2 of sister title Private Equity International's secondaries roundtable, participants discuss fundless sponsor restructurings, single asset deals and how to find the upside of a market downturn.