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.
Secondaries Infrastructure Solutions III will target an 11-14% net internal rate of return, according to documents prepared for a US public pension.
There’s an interesting dynamic playing out in the secondaries market that suggests LPs’ thinking about how to manage their portfolios is evolving.
The large minority transaction is a rare example of a GP stakes purchase via a non-dedicated fund.
The total amount raised between January and June eclipses all of 2019 when just $36.9bn was collected in final closes.
The advisory firm and placement agent now has more than 60 secondaries-focused professionals globally.
Pantheon Global Infrastructure Fund IV's target, capital raised so far and deal log were disclosed in a presentation to a US pension this week.
If it reaches its target, Clipway Secondary Fund would be one of the largest debut funds from a spin-out or newly established firm.
The departure comes two years after the complex secondaries specialist agreed to be acquired by PGIM, the asset management arm of insurance company Prudential Financial.
The transaction is the second the UK-headquartered buyout firm has closed this year after its single-asset process involving SERB.
The lower-mid-market-focused manager had set a $650m hard-cap on RCP Secondary Opportunity Fund IV.