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How to avoid conflicts in stapled deals

Full disclosure and fairness opinions are the best ways to mitigate potential conflicts of interest in stapled deals.

How secondaries will build the Great Wal(greens) of China

HarbourVest Partners’ single-asset restructuring is a prime example of how – if all interests align – such deals can be a perfect prescription for old assets with residual value.

Campbell Lutyens’ Sealey: stapled bids can increase pricing

Speaking on a Secondaries Investor podcast, the advisory firm and placement agent's chief executive noted that the quality of the manager can negate a drop in pricing caused by staple offers.

The year infra came to the GP-led party

The closing of Manulife Financial's stapled deal in June – among the largest in North America this year – is further evidence that large asset holders and managers have a third option for their assets.

Stapled deals: sweeteners that come in many flavours

As stapled deals evolve to take all shapes and sizes, GPs and their advisors must continue to disclose their effect on pricing to LPs.

Northleaf backs LBO France stapled deal – exclusive

The firm has acquired stakes in the 2010-vintage buyout fund of one of France's oldest private equity houses.

Ardian to back Bridgepoint credit fund staple – exclusive

The investment firm will commit to Bridgepoint's latest credit fund as part of the deal, Secondaries Investor understands.

Lyceum uses stapled deal to relaunch firm – exclusive

The team behind one of the UK's best-known mid-market firms has formed Horizon Capital, backed by a group of investors including Pantheon and Idinvest Partners.
Handshake

Eaton Partners adds New York secondaries VP

The firm has advised on 10 complex secondaries transactions totalling $2bn, including one of Asia's first restructurings in 2016.

When the highest price isn’t always best

LPs should consider what an offer from a secondaries buyer means for a GP's future, according to panel participants at an industry conference in London.

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