PEI Group Data

Details of how the firm's secondaries funds have performed have been disclosed in documents prepared for a US public pension.

The deal highlights how continuation funds are filling the void in the exit market when traditional exit routes remain subdued.

The continuation fund is the second time St Louis-based Thompson Street Capital has used the GP-led secondaries market.

The transaction involves five assets from two TJC vehicles, Secondaries Investor has learned.

The asset, BLUESEA Hotels, aims to become the market leader in three- and four-star hotels and resorts in Spain.

LGT Capital Partners' latest vehicle launched in 2022 and had collected $4.38bn as of January.

Lexington Capital Partners X, the firm's latest main secondaries fund, smashed its $15bn target to collect $22.7bn last year.

Secondaries funds can deliver outperformance compared with PE buyout funds due to their diversification and asset-screening processes.

The assets in the process run by the firm formerly known as The Jordan Company 'do not appear to have the ability to generate outsized returns', according to adviser Aon.

One in three private equity funds missed their fundraising targets in H1 2024, compared with 4% of secondaries funds.