Lawyers from Skadden, Arps examine how sale and purchase agreements have evolved to better fit sponsor-initiated processes.
Uncertainty about the use of proceeds poses an issue for NAV lenders looking to manage ESG risks.
Reports of the benefits of preferential terms for investors who negotiate and structure a deal may be greatly exaggerated.
Manulife Investment Management’s GP-led secondaries programme will seek out concentrated deals from the large-cap space through to the lower mid-market.
The SEC’s decision to grant Coller Capital and Pantheon permission to shop their secondaries-focused evergreen vehicles to high-net-worth investors could prompt more players to follow suit.
The secondaries industry is stepping up its reporting of the performance of continuation fund exits as the supply of opportunities continues to outstrip the available capital for these deals.
ICG LP Secondaries Fund I has completed seven transactions and is already around 50% committed.
ICG and Manulife closed on their respective debut LP-led and GP-led vehicles this week. Both firms believe the secondaries market will continue to specialise in this way – they’re just early adopters.
Andrew Gofton-Salmond, UK head of W&I at Mosaic Insurance, and Gabriel Boghossian, head of secondaries at Stephenson Harwood, explore the growing use of W&I insurance as a way of de-risking GP-led secondaries transactions and highlight some pitfalls to avoid.
Hollyport closed its eighth flagship fund, along with its first-ever co-investment vehicle, at the end of 2022 on more than $2.2bn.