Adam Le
Adam Le is Senior Editor, EMEA, for PEI Group's private equity publications, overseeing the flow of global news and analysis for Private Equity International and Secondaries Investor. Based in London, Adam works closely with private equity-focused colleagues across PEI's offices in New York, London and Hong Kong. Prior to PEI, his roles included reporting on finance and technology for Bloomberg Japan.
The $564m vehicle, the largest of its kind for the firm, will focus on smaller portfolios and complex deals.
The niche secondaries firm raised over $660m for its latest fund that will focus on liquidity, carve-outs and strips, clean-ups and opportunistic strategies.
The remaining assets in the real estate manager's 2006-vintage fund were moved into a new vehicle with Madison investing 20% of the new fund.
The investment bank had raised around two-thirds of the target for its Vintage VII fund a month after launching, Secondaries Investor has learned.
The $17bn pension fund wants to hire a manager to help it achieve diversification across vintage year, industry sector and strategy type.
Kate Ashton, a corporate partner at law firm Debevoise & Plimpton who advises private equity and other investment funds, says demand for fund restructurings and extensions will increase in the post-Brexit environment.
The $180bn pension manager, which is currently underweight to secondaries, has dropped its target for the strategy from 12.5%.
The asset manager will seek up to €300m to invest in deals which often include tax, regulatory or structural complexity.
Tail-ends and funds of funds were the only strategies buyers were willing to pay more for during the first quarter of 2016, according to a report by Triago.
The advisory firm expects other European countries to announce EU referendum votes, leading to further sales of private equity holdings.