Madeleine Farman
Madeleine Farman is a senior reporter for PEI Group’s Private Equity International and Secondaries Investor titles, based in London. Prior to joining PEI, she had covered private equity, private capital and advisers associated with the industry for other newsrooms and publications since 2016. Originally from New Zealand, Madeleine began her career in radio in Auckland.
The transaction, which is understood to have been oversubscribed, moves Calera Capital’s US healthcare laundry service company ImageFIRST into a separate vehicle.
GP-led deals involving healthcare assets can provide an intoxicating mix of strong downside protection and meaningful upside potential.
The process is understood to be in the early stages and could involve multiple funds, Secondaries Investor understands.
The firm held a fourth close on the fund in the first quarter, bringing in just under $300m in commitments, managing director Brian Gildea says on Hamilton Lane's full fiscal year earnings call.
The programme includes the close of Global Secondary Fund 7, as well as other commitments from Adams Street entities that will be deployed into secondaries deals.
The companies involved are housed in FSN Capital V, which closed in 2016 on €1bn, Secondaries Investor understands.
The transaction, which saw AlpInvest and HarbourVest as co-leads, was oversubscribed with One Equity having to turn investors away and cut back its existing investors.
Greenhill's private capital advisory unit, which advises on LP and GP-led secondaries transactions, will be included in the acquisition.
The firm, which closed its Pantheon Credit Opportunities Fund II in May, sees around 70% of dealflow coming from LPs, according to global head of private credit Rick Jain.
Secondaries Investor speaks with Marc Lipschultz, co-founder and co-president of Blue Owl, on the back of its appointment of a former Goldman Sachs partner to lead the strategy.