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.
In the short term, Britain’s vote to leave the EU will bring dislocation and slowdown in the market, though it may lead to an increase in sales once the dust settles.
Neuberger Berman enjoys limited competition in its section of the secondaries market for two reasons, according to a memo from the $29bn pension.
The banking group's Five Arrows Secondary Opportunities unit acquired the interest using its third secondaries fund which was almost fully invested as of November.
This is the second commitment by the pension to funds managed by Portfolio Advisors, which is seeking $1bn for its latest secondaries vehicle.
The investment bank also raised over half a billion dollars for a dedicated real estate secondaries fund last year, according to documents seen by Secondaries Investor.
The European investment firm wants to expand its investment team with a private equity, private debt and infrastructure secondaries professional.
The mezzanine powerhouse has completed at least three deals from its latest secondaries fund which focuses on restructurings.
Sales of stakes in tail-ends – mature funds which often hold a handful of portfolio companies – are expected to increase as a percentage of the secondaries market this year.
The venture capital firm plans to use almost £30m of proceeds raised in the IPO to make primary and secondaries investments.
Secondaries firm Whitehorse Liquidity Partners, which has raised a sixth of the target for its debut fund, has tapped a seven-year Canadian public pension veteran as CFO.