Chris Witkowsky

LP portfolio sales led volume last year, clocking in at an estimated $60bn out of a total of $115bn, according to PJT Park Hill’s full-year volume survey.

Strengthening pricing drove activity, helped by stabilising interest rates and an overall improvement in economic outlook.

Lead investors on Hellman & Friedman’s deal are Ardian, HarbourVest Partners and Hamilton Lane, sources tell affiliate title Buyouts.

The firm has been in conversations with certain LPs about bringing Fund VI to market, likely next year, it is understood.

Strip sales, along with tender offers, structured/preferred equity and secondary directs, represented around 20% of the about $18bn in GP-led volume in the first half.

The market for GP-led deals has been overshadowed by large LP portfolio sales, but certain deals, especially those with what buyers consider high-quality assets, are finding their way to final close.

Hamilton Lane was lead investor on the deal, which the firm closed without intermediation.

The multi-asset transaction includes SupplyOne, a maker of packaging supplies, equipment, safety products and janitorial supplies.

While activity on the GP-led side has been slower, several large deals have gotten done with buyers choosing to work with high-quality assets managed by firms they know well.

Jonathan Gray’s contention, that discounts on LP portfolios could increase, runs contrary to the trend this year of strengthening pricing.