Madeleine Farman
Despite a couple of pulled-transaction anomalies, secondaries sales are still seen as a powerful tool for rebalancing portfolios.
LP-led deals accounted for $40bn of the $68bn of global secondaries volume seen in H1 2024 as bid-ask spreads narrowed.
“There's a lot of attention on DPI and… maybe the talk about it is driving managers to perhaps do things that probably aren't optimal from a long-term return perspective, but helpful in the short term to their LPs who want capital back,” says Allen Waldrop, PE director for Alaska Permanent Fund.
Flashpoint RI Secondary Fund II will focus on companies with annual recurring revenue of $30m to $150m, says general partner Michael Szalontay.
StepStone Group is in the fundraising market with its latest venture capital secondaries flagship, as competition grows from new entrants.
-80x80.jpg "Insight Partners stung by $1.5m SEC fine")
The regulator said that from August 2017 through April 2021, Insight charged excess management fees by inaccurately calculating management fees based on aggregated invested capital at the portfolio company level instead of at the individual portfolio investment security level.
The VC secondaries specialist reached the $850m hard-cap for its predecessor, which held its final close in 2021.
'I’m here… to build up a European network, which we haven’t had before, and to try to bring that knowledge on the table as a possibility for execution,' says Tom Masthay, deputy CIO of the $34bn Texas Municipal Retirement System.
Alaska Permanent Fund will reduce its commitments by $400m after being overallocated to its private equity asset and special opportunities portfolio for fiscal 2022.
Experts from Greenhill, NewQuest and LGT Capital Partners discuss what’s driving secondaries dealflow in Asia-Pacific this year.