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tail-end funds

The original deal was set to be one of the largest GP-led secondaries ever, but well into the process Panasonic decided to acquire the largest asset, supply chain software provider Blue Yonder.
BlackRock, GIC and Lexington Partners co-led the deal, the third inaugural continuation vehicle this month.
Private Equity International CFOs & COOs Forum panellists say the standard GP structure is straining under the weight of value yet to be realised.
Legend Capital raised $270m for a transaction involving Chinese healthcare assets from two older funds.
The GP-led specialists have led the formation of Brentwood Associates Opportunity Fund with assets from the managers’ two previous vehicles.
Tail-end funds
Activity is driven by secondaries and funds of funds aiming to lock in returns and liquidate old vehicles, according to managing partner Etienne Deshorme.
The tail-end secondaries specialist is investing its seventh fund, which closed last year on its $1bn hard-cap.
Sellers pushed on with secondaries sales despite the crisis and dealflow is likely to remain strong into December, according to Jared Barlow, a partner at the firm.
The listed arm of Intermediate Capital Group de-risked its portfolio by selling stakes in funds managed by IK, Graphite and Silverfleet, among others.
The firm targets underperforming funds and difficult situations, which it says have increased as a result of covid-19.

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