Performance

While continuation funds are increasingly common liquidity solutions, not all of them are delivering the appropriate returns, according to Cari Lodge, head of secondaries at Commonfund.

The firm launched what could be its largest-ever secondaries fund in October.

A study by the bank and the HEC School of Management has also reinforced earlier findings that single-asset CVs perform largely in line with buyout funds, while offering lower return dispersion.

LGT Capital Partners' Crown Global Secondaries VI exceeded its $6bn target, as well as the size of its predecessor, which closed on $4.5bn in 2021.

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.

Helping to close the liquidity gap will create a boom for both the secondaries and primary markets, writes Coller Capital's founder and chief investment officer.

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