Fundraising

Abbott Secondary Opportunities II is targeting concentrated opportunities with clear return drivers, said managing director Meredith Rerisi.

The secondaries firm expects to match or exceed previous fundraising cycles despite the impact of covid-19, according to the chief executive of parent company BrightSphere.

CEO Kewsong Lee says there was a ‘huge cross sell’ between AlpInvest and the rest of Carlyle, with more than 40% of LPs invested in both.

The firm is investing its Secondary Fund IV, which closed in November on €1.6bn after 18 months in market.

Secondaries has been a key driver of fee growth among Hamilton Lane's commingled funds and separately managed accounts, vice-chairman Erik Hirsch said on an earnings call.

The private equity giant joins TPG as the latest high-profile manager to raise a separate fund for GP-led secondaries.

Around 38% of capital for secondaries was raised in the fourth quarter, with Goldman Sachs, AlpInvest and HarbourVest accounting for the bulk.

Evercore advised on some of the biggest GP-led transactions last year, including deals involving Summit Partners, Audax Private Equity and TH Lee Partners.

The Nordics-focused manager started the Edda series of funds in 2018 to complement its longstanding direct secondaries offering.

Buyers told Setter Capital they expect global secondaries investing to reach an all-time high of nearly $90bn this year.