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 Carlyle unit is also in market with its flagship secondaries programme and a dedicated single-asset-focused fund.
The inclusion of adjacent strategies such as GP stakes and portfolio financing in volume reports shows how what matters to secondaries market participants is evolving.
Co-advisory mandates have become an increasingly common trend in continuation fund deals.
Fundraising in the first half dipped year-on-year to $34.5bn, with Hamilton Lane's $5.6bn close on Secondary Fund VI marking the largest raise in H1 2024.
A strip of performing loan investments have been moved off SMBC Group’s balance sheet to establish a new fund, according to a statement seen by Secondaries Investor.
While it’s easy to point to liquidity constraints as an anomaly, the market believes secondaries’ record-breaking streak should continue.
LP-led deals accounted for $40bn of the $68bn of global secondaries volume seen in H1 2024 as bid-ask spreads narrowed.
Of the $27.6bn of GP-led activity seen in the first half, $17.2bn was deployed into single-asset or highly concentrated continuation funds, according to the adviser's mid-year report.
It is understood Lazard’s head of US secondaries advisory Amanda Ugarte will join the investment bank to lead and build out its secondaries advisory team.
LP-led deals made up 57% of volume as pricing increased for buyout, credit, and venture and growth, according to the adviser's half-year report, shared with Secondaries Investor.