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The VC secondaries market is booming but buyers should beware entering a booming market at a time of sweeping change.
The asset manager is targeting space left by the ballooning mega-fund market, according to documents from US public pension fund VCERA.
Buyers have become more selective and have emphasised the importance of alignment in GP-led deals, according to the advisory firm's latest survey.
Secondaries Investor has collected all of last month's deals in one place in this handy table.
Strategic Partners Fund IX is likely to be one of the largest ever secondaries funds, with a target of $13.5bn.
The firm's outlook and performance were outlined in documents obtained from the Minnesota State Board of Investment.
Continuation funds, which accounted for 85% of all GP-led transactions in the first half of this year, are becoming a more accepted liquidity option.
The secondaries giant's deployment fell 65% during the pandemic despite closing the largest secondaries capital pool on record.
The firm expects the volume of single-asset deals to 'increase materially', senior managing director Nigel Dawn told Secondaries Investor.
More than 90% of GP-led transactions priced at a 5% discount or better compared with only 32% of LP-led transactions, Campbell Lutyens reports.
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