Emerging Markets

Asset and manager quality still pose problems for secondaries buyers in a market where many funds are coming to the end of their lives with large amounts of remaining NAV.

The fund is targeting primary fund investments, secondaries and direct co-investments in Europe, Asia and emerging markets.

The firm is targeting blue-chip buyout funds in South Africa and the sub-Saharan region, with a first close expected in June.

The niche investor's second fund has hit €64m as it aims for double the amount raised for its debut vehicle in 2015.

Recent GP-led deals involving emerging markets show buyers are taking these regions more seriously.

The Russian private equity firm gave investors a liquidity option on two of its buyout funds, though low pricing meant lower than expected uptake.

The CEE and CIS regions are disproportionately represented in terms of managers failing to raise successor funds, according to data from industry body EMPEA.

Asia is the largest while the majority of transactions are direct secondaries.

Dushy Sivanithy, who spent 10 years at Pantheon, will oversee origination activity across the firm’s primary fundraising, secondaries and strategic advisory services.

Each regional market poses its own set of challenges and opportunities according to Darren Massara, managing partner at the only Asian firm to make our Si30 ranking.