Secondaries buyers may find themselves on the hook for sellers’ liabilities. They should look to protect themselves, says Angus Marshall of CFC Underwriting.
The vehicle will focus on preferred equity, NAV-based lending and have a pocket to make secondaries investments with sub-private-equity return profiles.
The GP with $9.3bn in private equity assets under management is looking at ways to hold on to 'champions' for longer, according to CEO Alex Saigh.
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 secondaries pioneer's Beijing office opened in March and is led by Hong Kong-based partner and head of Asia Peter Kim.
The above-target close is the culmination of a multi-year rebuilding process at the German asset management giant.
The secondaries giant was expecting a first close on its LCP X flagship in the third quarter of this year, documents seen by Secondaries Investor show.
The private investment arm of the EU has collected €100m for secondaries and is set to sell a portfolio of stakes next year.
The deal marks the second time in four months a large global investor has taken outside capital to free up its balance sheet.
Adding secondaries capabilities to the private equity giant's suite of offerings is not a 'have-to-do', according to co-chief executive Scott Nuttall.