Tail-End Funds

Madrid-based fund of funds manager Altamar has invested in nine secondaries transactions using its €150m Altamar Secondary Opportunities VII.

Portfolio Advisors has bought into Milestone Capital's EAC Fund III, which generated a 2.2x return on its investment in textile care services company 5àSec.

Median funds generate limited value after year 9, but lower tier funds generate more value during the back-end of their life, according to Pantheon.

The Andrew Hawkins-led firm now comprises ICG's secondaries team, whose first deal was for a substantial portfolio of private equity assets from US mid-market fund Diamond Castle IV.

Doughty Hanson III is a 1998-vintage fund that still owns turbine manufacturer LM Wind Power.

The New Mexico State Investment Council is planning its third private equity portfolio sale in 12 months.

The firm has purchased a very large portfolio that consists of funds managed by Amadeus, Cinven, EQT and Indigo.

Indigo Capital’s European Mezzanine Fund III has one remaining investment, RT Recycling.

There is a lot of opportunity to restructure dysfunctional funds in continental Europe, particularly in Germany where direct secondaries specialist Evoco sees the most promising situations, says co-founder and partner Michel Galeazzi.