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.
Some LPs are on a three-year waiting list to formally transfer fund interests off their books – an issue that could grow as overallocation issues persist.
As a growing number of LPs look to buy and sell private equity fund stakes in the coming months, are there bargains still to be had?
Recent activity suggests buyers may be purposefully baking in more headroom as macroeconomic and market conditions remain challenging, according to data from Palico.
Another relatively rare GP-led transaction has closed in the secondaries market, adding to the pool of ever-growing manager types in an already competitive landscape.
There were a meaningful number of sub-$500m mandates launched in the third quarter, focusing on an increased number of buyers with middle market appetite, according to a report from PJT.
More than half of LPs have indicated they will look to deploy capital in secondaries ahead of other well-established strategies such as growth and venture capital, according to a survey of investors.
The volume of PE secondaries vehicles holding final closes between January and September this year dropped 49% year-on-year, according to Secondaries Investor data.
The PE lender has hired Dane Graham from RBC after losing two New York-based managing directors earlier this year.
The investment consultant is seeking $250m for a dedicated secondaries fund, following consultants such as Hamilton Lane and StepStone in managing pooled private markets funds.
Carlyle, Sun Capital and Harvest Partners are all out in market running tender offers plus a staple – a tool that’s not available to just any GP.