Stephen Morriss
Partners Group bought $120m worth of original commitments in Venator’s Trophy Property Development.
Unrealised value in tail-end funds totals $345bn, which means there's room for further growth in the expanding direct secondaries market, according to NYPPEX.
It could take between five to seven years for Asia's direct secondaries market to mature, according to Amit Gupta, partner and chief operating officer at NewQuest Capital Partners.
Lexington plans to buy 80% of Citi’s stake in Metalmark’s Capital Partners II, which recently invested in Canadian electrical energy company PTW Energy Services.
The Byron Hamburgers owner is exploring secondary liquidity options for limited partners in its €600m mezzanine Fund III.
New entrants are creating a competitive buy-side environment as the secondaries market becomes increasingly institutionalised, according to advisory firm Cattegatt.
The top 100 alternative investment managers now have over $3.3tr in assets under management, according Towers Watson.
Transaction prices rose across all alternative investment strategies during the first half of 2014, with buyout pricing leading the way and reaching 100% of NAV.
Secondaries transaction volume reached $17bn for the first half of the year, making the market very seller-favourable, according to Cogent Partners managing director Todd Miller.
Seventeen-year Adams Street veteran Hanneke Smits, who chairs the firm's secondary and primary investment committees, plans to leave her position at the end of 2014.