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Clock pointing to II - iStock
The former private equity arm of investment bank Lazard is seeking a recap of its $1.1bn 2005-vintage Fund II, according to sources.
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Discussion at the 17th annual King & Wood Mallesons SJ Berwin private equity briefing reveals surprise over the longevity of private funds.
The Boston-based private equity firm’s Fund IV holds an interim close, over half way to its target.
Hard hat - iStock
The New York-based private equity firm has hired Moelis & Co to help recap funds raised in 1998 and 2006, with any restructure potentially including a carry reset on Fund III.
The fundraising effort comes more than a decade after the firm’s Fund III raised $1.75bn.
The global fund of funds’ figures show there are 200 funds over 10 years old with at least $100m of NAV. That's expected to be a key source of dealflow for secondaries investors.
New details have emerged on HarbourVest’s ‘rescue’ of Motion’s €1.25bn Fund II, one of the first major restructurings of a tail-end fund in Europe.
Market sources expect an agreement in coming weeks that would allow LPs in the firm’s 2002-vintage Fund III to gain liquidity.
Evoco’s restructuring of an ailing private equity portfolio (backed by secondaries firm Headway Capital) illustrates one way that the industry can deal with its many dysfunctional funds.
It’s not surprising LPs get irate about the terms of fund restructurings. But ultimately, they need to be grateful that the market is offering them some kind of way out.
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