Funds

The firm is fresh off raising its largest fund ever, StepStone Secondary Opportunities Fund V, which totalled $7.4bn across its entire programme.

Pricing for high-quality inflection assets with material upside has tightened to the low- to mid-90s, according to chief executive David Layton.

The Singapore-based fundraising platform is seeking to co-launch a secondaries fund alongside experienced GPs that will target individual investors.

Decision-making can be a resource-intensive process, although it is one that LPs are becoming more familiar with.

Even amid today’s rocky macro environment, the industry’s biggest fundraisers continue to pull in more capital.

Buyers are showing greater manager selectivity but are willing to pay for quality, a Palico spokesperson said.

The JV with property investor ShopOne, struck on the back of a secondaries recap, provides fresh capital to invest in shopping centres in metropolitan areas.

The Minneapolis-based firm expects to finish deploying its most recent programme, Clean Growth Fund V, by the end of this quarter.

Buyers should beware of sponsors using the GP-led market to drive undeservedly favourable terms, said Pantheon secondaries co-head Rudy Scarpa.

Sevita, which offers various home- and community-based care services to the nation’s most in-need populations, has already produced gains for its current owners -- whome took the company private at a $1.4bn valuation in 2019.