Many GPs are interested in finding ways to deliver proceeds to liquidity-hungry investors in older funds as well as boosting fundraising in the challenging environment.
The Harvest process allowed LPs in the firm’s seventh and eighth funds to sell their stakes at relatively high prices compared to other recent deals.
Other big tender processes in the market are being run by Carlyle Group and Harvest Partners, both of which include the potential for large staples of fresh capital.
As fundraising becomes tougher in the volatile market, with many LPs at or above their allocation caps, more GPs may use tender offers as a way to reach their fundraising targets.