Average bids for so-called unicorns will fall by 10 percentage points following a year of ‘unrealistic’ valuations, according to a report by the advisory firm.
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The tail-end specialist has hired five staff in its London office including two investment professionals and has also made an internal transfer.
The investment bank has agreed to acquire stakes held in Partners’ 2007-vintage secondaries fund in a deal expected to close by the end of September.
Funds of funds are taking advantage of price discrepancies to become opportunistic sellers.
The banking group’s Five Arrows Secondary Opportunities unit acquired the interest using its third secondaries fund which was almost fully invested as of November.
Sales of stakes in tail-ends – mature funds which often hold a handful of portfolio companies – are expected to increase as a percentage of the secondaries market this year.
The London secondaries firm has used its fourth fund to build its exposure to the European buyout manager’s 2002-vintage fund.
The London tail-end specialist is increasing its exposure to Advent III after acquiring Deutsche Bank’s stake in June.
The London tail-end specialist has acquired stakes in a 2002-vintage European buyout fund using its latest secondaries vehicle.
Sales of tail-end fund stakes are expected to increase this year, so buyers will have to carefully weigh the enticing discounts against some potential portfolio howlers.