The fact that Apax Partners shelved plans for its GP-led secondaries process shows that LPs desire a genuine 'do nothing' option.
The deal involves the Polish private equity firm's 2010-vintage fund and investors have the option to sell or roll over into a new vehicle, Secondaries Investor has learned.
The transition away from tail-ends and GP-led restructurings is already happening, said Pal Ristvedt at BVCA's annual conference.
The buyout firm is no longer proceeding with its proposal to move assets from Apax Europe VII into a continuation vehicle, Secondaries Investor has learned.
The lower- and mid-market-focused firm had hired Greenhill Cogent to work on a tender offer process on its 2009-vintage fund, Secondaries Investor has learned.
The firm is putting together a 10-strong secondaries team, split between London and New York, to focus on vanilla deals as well as more complex processes.
The Latin America-focused private equity firm is working with Park Hill on a potential process, Secondaries Investor has learned.
The success or failure of two significant GP-led processes will have widespread consequences for the secondaries market.
LPs that chose to sell their stakes in BC European Capital IX to Lexington Partners include media group scions, insurers and endowments.
The UK's second-biggest private equity firm is working with Campbell Lutyens to create a continuation vehicle for its 2007-vintage fund, Secondaries Investor has learned.