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Discussion at the 17th annual King & Wood Mallesons SJ Berwin private equity briefing reveals surprise over the longevity of private funds.
The New York-based private equity firm has hired Moelis & Co to help recap funds raised in 1998 and 2006, with any restructure potentially including a carry reset on Fund III.
The firm aims to raise investment for a new Fund V while giving LPs such as Harbourvest and OPERS the option to exit Fund IV from 2006, sources say.
The Canadian pension has identified more than 75 private equity funds in need of restructuring after completing a review of 750 funds last year.
More information emerges from the JW Childs restructuring deal as CPPIB confirms details of its 'portfolio liquidity solution'.
The fundraising effort comes more than a decade after the firm’s Fund III raised $1.75bn.
The firm is busy deploying its third secondaries fund, which is expected to hold a second close by the end of August.
The $627bn sovereign wealth fund is ramping up its secondaries capabilities, and said to be on the hunt for good fund restructuring opportunities.
Four months of talks between GMT and its LPs to restructure GMT's Fund II are nearing a resolution, as GMT looks to get back on the fundraising trail to raise €400m for Fund IV.
The Canadian pension continues to be a dominant secondaries market player.