Ares Management’s agreement to purchase Landmark Partners for roughly $1 billion in March shows consolidation involving secondaries firms can be an attractive offer for managers without secondaries offerings – and for target firms alike.
The deal follows that of Newbury Partners’ sale to RidgeLake Partners last October and Industry Ventures’ minority stake sale to Goldman Sachs Asset Management’s Petershill programme in 2019.
We look at the ownership structure behind the firms that make up the latest SI 30 ranking – Secondaries Investor‘s exclusive list of the biggest fundraisers in the five years to June 2020 – to see who might be ripe for the picking.
– This is an updated version of our November 2020 story which can be found here.