GP-Leds

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.

The appointment is the firm's second this year and brings its total staff to seven.

The firm has backed a deal in which the Chinese insurance giant used infrastructure fund stakes as seed assets to launch a fund of funds and co-investment strategy.

Disclosure, the role of the LPAC and status quo options may make some GP-led restructurings unaligned with the industry body's guidelines, according to Cleary Gottlieb.

On the heels of ILPA’s recent best practices on GP-led secondaries, BRG’s Finbarr O’Connor and Gavin Farrell take a practical look at issues important to LPs, and how GPs can address the guidance as they formulate transactions.

The Asia specialist is seeking $850m for direct secondaries and sponsor-led deals, which account for a growing proportion of its investments.