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Three Greenhill MDs will be joining the newly formed secondaries advisory business at Jefferies, with a fourth moving to the buy-side.
Contract
The law firm advised on more than 150 secondaries transactions in 2019 with a value of $17.5bn, according to Secondaries Investor's annual law firm survey.
Alternatives has more than $6trn in assets under management, and only about $100bn of that trades hands in secondaries, according to the firm's president Jonathan Gray.
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The process, which was also backed by two co-investors, centres on a 2010-vintage fund with 10 assets across software, technology and healthcare sectors.
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Clarity on withholding tax issues for non-US investors means secondaries trades can now be conducted with greater ease, write Macfarlanes’ James McCredie and Florence Barnes.
market
Negative headlines are causing some LPs to review their relationships with Vista Equity Partners and Apollo Global Management. This has implications for the secondaries market.
Chicago
The GP-led process centred on Hightower Advisors is one of several large, concentrated processes in market as buyers make up for lost time.
Boston
The deal involved two funds managed by Method Advisors and is understood to have been backed by Strategic Partners.
Fundraising
The firm has invested in deals including last year's Allied Universal single-asset process, among other concentrated, growth-oriented secondaries transactions.
Pennsylvania state capital, Harrisburg, PA
The $56bn US pension will continue to look to the secondaries market to sell certain non-core holdings, CIO James Grossman has said.
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