FoFs

Thomas Carbonel will be responsible for transaction execution at the niche secondaries firm, which is investing its $365m third fund.

The debut fund will target primary, secondaries and direct co-investments across multiple geographies, sectors and strategies.

The secondaries giant invested $11bn in the strategy last year, up from $6.4bn the prior year, according to its latest annual report.

The investment manager is seeking €700m for its eighth lower-market funds of funds, 40% of which will go to secondaries.

The €600m SAGA VII can make opportunistic secondaries purchases, according to partner Jesper Knutsson.

Co-founder Agnès Nahum and partner Alexandre Delos discuss how the firm uses secondaries as a portfolio management tool and how fund duration and market cycles influence its decision to sell stakes.

Fund III is BEX’s first to offer ‘X shares’, which are exempt from management fees and carried interest, for non-governmental organisations and major non-profit foundations.

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 firm will seek at least €433m for primary, direct secondaries and co-investments in the European and North American lower- and mid-market.

The secondaries giant is understood to have collected at least $9bn for ASF VIII, which has a $12bn target.