The firm, which raised €2.6bn this week for its debut lending fund, is agnostic about whether it’s viewed via a preferred equity or credit lens.
A simultaneous numerator, denominator effect may leave some LPs significantly overallocated at a time when their GPs are asking for re-ups.
Writing the biggest cheque doesn’t necessarily mean you structured the transaction – or bothered to have a beer with the counterparty to get to know them.
New types of transactions are emerging that stretch the definition of secondaries in what is a deceptively large and growing market.
By making GP clawbacks gross of taxes, the new rules could lead to the resurgence of the archaic original American waterfall.
Sceptics says concentrated GP-leds are an expensive way of doing co-investments; the Canadian pension believes the two markets address different risk/reward profiles.
Pamplona Capital Management's decision to 'redeem' holdings in its funds owned by an LP with ties to sanctioned Russian oligarchs shows stake disposals can come in unexpected ways amid the Ukraine crisis.
ILPA’s upcoming guidance has been spurred by investors’ annoyance at unreasonable deadlines and the amount of work needed to make decisions on these deals. The secondaries community should take note.
Deal certainty and pricing are two immediate casualties of Russia’s invasion of Ukraine this week.
Blackstone’s Mileway deal is further evidence liquidity doesn’t have to come from the secondaries market – and that’s not necessarily a bad thing.