The Wrap: archive

Every The Wrap story in Secondaries, newest first. 63 stories

Wednesday, September 161 story

7:53 a.m.
Secondaries' barrier is talent, not money
A $1 billion pre-hire commitment and an allocator's launch show capital now follows people.

7:55 a.m.
Watch the discount on India's CV pipeline
Hong Kong panelists expect Indian secondaries exits to precede fundraises, and a negative buyout benchmark gives buyers the cover to price continuation vehicles below sponsor marks.
7:18 a.m.
India will sell continuation vehicles before it raises. Watch the discount
Indian sponsors are expected to run secondaries exits ahead of fundraises, putting the GP-led desk in the position of underwriting sponsor marks against a buyout benchmark that has just turned negative.

2:19 p.m.
TrueBridge's $508 million splits the secondary market in two
Venture buyers get the discount, the GP-led side gets the sponsor's number, and HarbourVest's negative quarter draws the line.
8:08 a.m.
Two CVs close. Two pricing regimes. One day.
Pantheon's €1.2bn credit CV has no public benchmark; Kelso's $510m MEP CV is ordinary. Each prices on terms, not marks.

11:50 a.m.
A €1.2bn credit CV has no public benchmark. The terms are the price.
Credit's arrival in the GP-led market moves the pricing question off published comps and onto covenants, rollover terms and one lead buyer's underwriting.
7:51 a.m.
Kelso's $510 million MEP continuation makes GP-led secondaries ordinary
The sticker price says little; the rollover, fees, and covenants will decide whether this middle-market exit works.

8:10 a.m.
Bridgepoint's Pantheon deal puts secondaries prices in public view
An 11x Saviynt rollover now has to answer to a public benchmark.

11:25 a.m.
The fast lane that ate the price-check
Carrick's 11x Saviynt rollover is the test of who still challenges a sponsor's mark in a GP-led market losing its independent buyers.
7:59 a.m.
HarbourVest's negative print arms secondary buyers
Carrick's 11x Saviynt rollover now has to answer to a benchmark showing buyout returns lost value.
7:24 a.m.
A rollover at 11x in a quarter that lost value
Carrick's $255 million reinvestment is the test of whether software marks survive contact with a negative buyout quarter.

8:02 a.m.
CVC's $10bn secondaries fund makes the GP the price-setter
The buyout firm's new flagship, almost four times its 2019 fund, puts a sponsor's own marks at the center of continuation-vehicle pricing.

7:59 a.m.
Goldman's secondaries fundraising crown is a balance-sheet takeover
Record capital is chasing structured liquidity while the specialists that once set prices get absorbed or pivot.

4:28 a.m.
EQT completes $3.2bn Coller combination
The deal folds a 36-year-old secondaries specialist into EQT just as the market's hardest job moves from sourcing to pricing.

7:59 a.m.
No external price check in secondaries this week
PWD's deal log shows zero classic LP-interest sales, leaving every secondaries transaction priced off the manager's own books.

11:50 a.m.
Secondaries lose their last external price check
This week's secondaries deals all move one way: toward liquidity on the manager's terms, priced off the manager's books.

7:54 a.m.
UK tax fix closes secondaries' offshore escape hatch
The proposed stamp-duty legislation closes the offshore execution route and forces buyers to re-underwrite UK-linked LP stakes.
6:23 a.m.
UK tax reform closes the offshore execution route for buyers
Proposed legislation removes the stamp-duty grey area that made secondaries bids harder to price.

2:15 p.m.
Continuation vehicles have become private equity's default exit
Exponent's €1.4bn rollover of H&MV and a new Emerging-Promethean fund show GP-led structures now set the direction of the secondaries market.
7:52 a.m.
Crestline closes $625 million fund as the secondaries market turns to debt
The next wave of sponsor demand is flowing into loans and minority stakes rather than discounted fund purchases.
6:45 a.m.
Minority stake sales become sponsors' exit workaround
Sponsors are selling minority stakes and raising hybrid capital to get cash back to LPs — the latest workaround in a secondaries boom.

8:02 a.m.
Churchill and Seviora borrow $400 million against secondaries
Structured debt gives a Temasek-backed manager an exit from the exit, leaving discounted bids behind.
6:37 a.m.
Churchill and Seviora put PE secondaries behind a $400M CFO
The financing lets a Temasek-backed manager borrow against secondaries rather than sell them.