GP-Leds

The Institutional Limited Partners Association's guidance defines status quo options, minimum timeframes for LP decisions and recommends caps on deal expenses.

Secondaries Investor caught up with the industry body’s chief executive Steven Nelson for a sneak peek at its soon-to-be released GP-led secondaries best practices.

The buyout firm is exploring options for its 2008-vintage Fund V, which holds the world's third-largest ice cream producer Froneri, in a deal that could be worth close to €2bn.

Neil Harper, who has been at Morgan Stanley Alternative Investment Partners since 2006 and oversees its secondaries business, is the unit's second senior departure in six months.

The Carlyle Group unit is understood to be among buyers involved in the GP-led process on Oaktree Principal Fund V.

The $3.5bn ACOF III fund is understood to have nine assets remaining, including the US luxury department store.

The bank’s real assets asset management arm has completed the recapitalisation of Avanath Capital Management’s 2010-vintage fund.

While GP-led processes can be technically and legally complex, emotions are often the biggest hurdle to closing a deal.

The high-growth specialist is in early stage discussions about offering liquidity to investors in the €925m vehicle.

Jon Costello, head of the Secondary Advisory Group at PJT Partners, explains the impact on the broader private equity industry.