Michael Baruch
As private equity secondaries become more commonplace, a clear rationale for the value a transaction creates is key.
The mid-market deal is at least the second European single-asset transaction London-headquartered Coller Capital has done this month.
The lack of broader acceptance from LPs is preventing buyers from fully tapping the single-asset market.
Buyers should beware of sponsors using the GP-led market to drive undeservedly favourable terms, said Pantheon secondaries co-head Rudy Scarpa.
The hires bring the total number of languages spoken by employees at the European mid-market secondaries firm to 21.
A stake in CD&R's 2018-vintage fund sold for 124% of NAV, according to a survey of 52 transactions by Palico, with average pricing of 98.5%.
The alternatives giant has closed at least three balance-sheet real estate secondaries deals prior to launching a formal fundraise for the strategy.
There have been six meaningful M&A deals for secondaries firms this year, with a seventh rumoured to be in the works.
The $49bn state pension cited the glut of dry powder and new entrants into PE driving a desire to consolidate manager relationships.
The asset manager returns to the market less than a year after closing its $3.9bn fifth programme in February.