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Spin-Outs

A group of secondaries firms purchased LP interests in two special situations funds for a single-digit discount to net asset value.
UniCredit has sold at least nine private equity fund stakes to its asset manager spin-out SwanCap.
The ICG-NewGlobe development highlights continuing shifts in the secondaries market.
Idinvest closed its first dedicated secondaries fund earlier this year, since it spun out from The Allianz Group in 2010.
Former Capital Dynamics director Sandro Galfetti has become a principal in Park Hill's secondaries advisory business.
Seligman European Secondaries Opportunities II held a first close last month on about €24m and could make an investment before year-end.
Italian banking group Unicredit has sold its stake in Apax Europe VII to its asset management spin-out SwanCap.
ROC Equity Partners manages three Asia- and Australia-focused fund of funds that invest in secondaries and co-investments.
In a long-awaited deal, the secondaries pair has purchased half of the bank's One Equity-related investments and is expected to seed the former JPMorgan captive's next private equity fund.
Landmark bought the stake using capital from its Landmark Equity Partners XV, which is in market targeting $2.5bn.
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