No area of alternatives has developed as rapidly as the GP-led secondaries market. Continuation funds, whether single- or multi-asset, remain the market’s bread and butter, accounting for 73 percent of the $26 billion of GP-led deals closed last year, according to Greenhill.
Secondaries Investor decided it was a good time to take stock. Based on nearly a decade of reporting by us and our colleagues at Buyouts, as well as invaluable discussions with sources, we’ve compiled a list of the 20 largest continuation fund deals to take place since the GP-led deal came into being.
The list focuses solely on restructuring-type deals, excluding strip sales, spin-outs and other types of GP-led processes. It lists only deals that have completely closed, having received the necessary approvals. The list also excludes certain large deals which may use secondaries technology without dedicated secondaries capital, such as the $14.6 billion recapitalisation of Blackstone’s BioMed Realty.
Deals are ranked by size of continuation fund.
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