GP-Leds

The fund, which manages around $110bn on behalf of nurses and teachers, is heading towards its private markets allocation targets after a period of build-up and growth. In this podcast, Deputy CIO Damien Webb discusses the fund's view of the secondaries market.

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.

LP-led sales made up 52% of the record $152bn of secondaries volume seen last year, according to Lazard's latest market report.

Providence’s single-asset deal for Globeducate was one of two deals it was shopping in the market last year, Secondaries Investor understands.

Rob Campbell, head of North America at ICG's Strategic Equity unit, outlines elements for a successful CV when just one asset is involved and why such deals differ from co-investments.

Executives from Coller Capital, HSBC, Lazard, PJT Park Hill and more opine on likely drivers of dealflow in the region this year.

There have been cases when continuation funds have been 'misused and overused', according to Teia Merring, senior investment director at USS and chair of ILPA.