GP-Leds

In this second episode of the Decade of Secondaries Investing miniseries, Blackstone's Verdun Perry and Evercore's Nigel Dawn look at how the continuation fund market has evolved over the last decade and how it may evolve in the years to come.

Hudson Structured Capital Management has moved five assets out of a multi-sector insurance-focused fund into a continuation vehicle.

LPs will be given the option to roll or sell on CVC’s continuation fund process for Multiversity, which is understood to be €1.5bn-€2bn in size, Secondaries Investor learns.

While Leonard Green’s transaction is giving cash-out LPs the benefit of both processes, the 'quick flip' issue remains controversial in continuation fund deals where assets are quickly exited.

Continuation fund will hold Wellspring portfolio companies SupplyOne, Cadence and Pentec Health, and includes $125m of unfunded capital for growth.

Following an era of innovation, secondaries now enters an age of capitalisation with new entrants joining the market, secondaries professionals told PEI Group’s NEXUS summit in Florida.

Three of PEI’s Women of Influence – Morningside's Tori Buffery, KKR's Saleena Goel and LGT's Martha Heitmann – share their outlook on the GP-led secondaries market.

If they are not addressed appropriately, legal complexities such as tax issues can knock a deal off track.

Even with the best laid plans, GP-led processes can become delayed, but there are steps sponsors can take to mitigate common holdups.

Sponsors and management teams need to demonstrate their commitment to the next phase of growth.