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Ts & Cs

Terms of Commonfund’s debut secondaries fund disclosed

The fund, which is targeting $150m, has two different sets of fees based on the size of limited partners’ commitment.

Weak euro hits Q2 AlpInvest results

Carlyle's investment solutions group, which includes fund of funds arm AlpInvest Partners, lost about $6bn in AUM due to currency changes.
Paul Volcker

Volcker to be ‘acute’ driver of secondaries dealflow

Investment banks such as Goldman Sachs – which now has a ‘Volcker implementation team’ – are expected to divest more assets this year via the secondaries market, lawyers say.

Altius: wide gap in co-investment returns

Adverse selection and portfolio concentration are the main risks LPs face in constructing co-investment portfolios, according to an Altius study.

Strat Partners buys Ares real estate stake

The Blackstone-owned secondaries firm has snapped up BAML’s stake in Ares European Real Estate Fund III.

Credit Suisse sweetens terms on $2.9bn fund

The bank’s Strategic Partners team sweetened terms on its fifth secondaries fund, including not only committed capital, but fees and expenses that must be paid back to LPs, plus an 8% return, before the GP collects carried interest.

Altamar waives fees for secondaries annex

The Spanish fund of funds manager will not charge fees on its €65m secondaries fund until capital is actually put to work.

MAC uncertainty grips sellers in secondary market

Following HarbourVest’s decision to walk away from a signed secondary transaction last week, sellers of private equity fund interests are concerned that buy-side MAC clauses will complicate secondaries activity even further.

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