The SMA would include a commitment to StepStone’s flagship real estate secondaries fund, which has surpassed the size of its $1.4bn predecessor.
The process comes at a time of increased momentum for GP-led credit deals with a number $1bn-plus transactions closing last year.
Over 75% of manager respondents say it is likely or highly likely they’ll look to the secondaries market across 2025 and 2026 compared with 45% in PJT’s 2023 survey.
There are parallels between today’s secondaries market and the M&A market at large, writes Jonathan Graham, Lincoln International's head of private funds advisory Europe.
Volume from single asset deals grew by more than 80% year-on-year, accounting for more than half of all GP-led deal volume in 2024, according to Campbell Lutyens' full-year secondaries report.
Martin Yung, a principal, and Patrick Qian, a vice-president, left the firm in December, Secondaries Investor has learned.
LP-led deals made up 54% of the record $162bn of volume seen in 2024, with pricing improving across all asset classes, according to Jefferies' Global Secondary Market Review.
Wesley will become head of private funds advisory at Moelis, a role left vacant following the departure of Rodney Reid last year, Secondaries Investor has learned.
The US pension giant has come up with a pricing strategy that could make it benefit more from this portfolio sale, Secondaries Investor understands.
CDIB Capital Group has closed its first continuation fund as APAC sponsors become more accepting of GP-led deal structures.