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Sentiment dampened slightly in 2019, with cost concerns around GP-led deals a sticking point, according to PEI's LP Perspectives survey.
survey
An increased need for liquidity and a lack of enthusiasm for preferred equity are two trends that emerge from the secondaries firm's latest investor survey.
secondaries fundraising
The close of Strategic Partners VIII on $11.1bn has helped fundraising rebound in the third quarter, with Ardian and Lexington Partners still to hold their final closes.
Deal volume in the asset class fell almost 40% during the period – a dip which is expected to be temporary.
Toronto skyline at sunset
Interactive charts showing seller composition, the increasing dominance of the largest firms and other key points from Setter Capital's half-year report.
Returns for secondaries funds rose slightly on a quarterly basis, but the strategy has performed below the All Funds benchmark across all periods, according to data from the Institutional Limited Partners Association.
Secondaries market volume hit $42bn in the first half, a 56% year-on-year increase, including nine deals worth more than $1bn.
A stake in the Dutch PE firm's 2015-vintage fund sold for 121% of NAV, according to a survey of recent transactions by the online marketplace, with average pricing at par.
At least $36bn worth of fund stakes changed hands in the first half of the year with GP-led deals accounting for 34% of the total, according to the intermediary.
Newbury Partners, Pomona and Montana are also among the most suitable candidates for a GP stake investment, according to a report by PitchBook.
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