Secondaries archive

Every Secondaries story, newest first. 113 stories

Tuesday, September 81 story

8:10 a.m.
The Wrap
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 Wrap
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.
The Wrap
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.
The Wrap
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.
6:42 a.m.
Pricing & Data
Software repricing reaches buyout marks, HarbourVest shows
HarbourVest data shows global buyout returns turned negative in the first quarter, a pricing tell for secondary desks bidding software-heavy funds.

11:38 a.m.
GP-led deals
Carrick's 11x Saviynt fund carries $255m rollover
The multiple grabbed the attention; the reinvestment, at roughly 43% of the new vehicle, is the number that will test GP-led pricing.
5:17 a.m.
Fundraising
Netley scales secondaries firepower to $1.2bn
AltAssets reports a fourfold increase in under a year, but its paywalled details do not say whether the number is a target or a close.

8:02 a.m.
The Wrap
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.
7:41 a.m.
Fundraising
CVC's secondaries flagship reaches $10bn
AltAssets reports the vehicle stands at almost four times the size of CVC's 2019 fund — a fresh test of how record secondaries capital finds true price discovery.

7:59 a.m.
The Wrap
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.

8:15 a.m.
Fundraising
Goldman crowned top secondaries fundraiser
PEI's latest fundraiser ranking puts Goldman ahead of the field, but the harder test is pricing all that record capital.
4:28 a.m.
The Wrap
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.

11:25 p.m.
GP-led deals
GP-led deals become the fast lane for small LPs
OCIO-run endowments are using GP-led secondaries to deploy capital quickly, turning an exit door into an on-ramp.
8:59 a.m.
GP-led deals
OCIOs turn GP-led secondaries into a deployment play
Performance-hungry endowments and foundations are treating continuation vehicles as a fast route into private markets, and the price is increasingly the manager's to set.

8:19 a.m.
Fundraising
StepStone's infrastructure secondaries debut shows LP-led pricing still clears
With half of the $1.7bn already deployed, the first dedicated vehicle suggests traditional LP-led deals remain priced to clear.
7:59 a.m.
The Wrap
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.
The Wrap
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.
The Wrap
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.
The Wrap
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.
The Wrap
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.
The Wrap
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.
6:46 a.m.
Fundraising
Crestline closes $625m capital-solutions fund
The fund is 75% larger than the first vehicle, a sign of growing LP appetite for NAV lending and GP-liquidity tools.
6:45 a.m.
The Wrap
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.
The Wrap
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.
The Wrap
Churchill and Seviora put PE secondaries behind a $400M CFO
The financing lets a Temasek-backed manager borrow against secondaries rather than sell them.

12:47 p.m.
GP-led deals
AltAssets recounts Apollo S3's Monogram vehicle for Mountaintop
Headline says a GP-led continuation; the pricing terms stay behind the paywall.
5:38 a.m.
GP-led deals
Exponent rolls H&MV into €1.4bn continuation vehicle
The single-asset deal extends Exponent's hold on a business AltAssets says has climbed twelvefold.
5:18 a.m.
GP-led deals
Emerging and Promethean launch $300M hospitality-tech fund anchored by $185M continuation portfolio
A roughly $185M continuation portfolio anchors an AI-focused vehicle for hospitality and experiential entertainment.
5:18 a.m.
Pricing & Data
SEC names funds in opening valuation requests
Named-fund exams turn marks into moving targets for secondary buyers.
5:18 a.m.
Fundraising
Continuim's 32-day $548M Fund III close remains a claim
The visible record gives a headline number and a timeframe, but no way to verify the multiple.
5:18 a.m.
LP portfolio sales
Co-investment secondaries become a real market as fundraising splits
Jefferies says co-investment stakes have become marketable, giving LPs a new exit and buyers cheaper access to newer deals.
3:16 a.m.
GP-led deals
Infrastructure single-asset secondaries are 'blooming,' Stafford's William Greene writes
A Secondaries Investor piece by William Greene casts single-asset continuation vehicles as an access strategy, with discipline and valuations deciding whether buyers profit.

3:49 p.m.
Fundraising
Private equity fundraising slides again; secondaries hit a record $93B
Total private equity fundraising fell for the second year running, while secondaries posted a record haul. A two-year-old shop in that niche landed a $2 billion mandate.