GP-Leds

The $19.1bn system looks to become the latest public pension to change rules to allow flexibility.

The Morgan Stanley-advised process on ski resort Alterra Mountain was backed by investors understood to include Singapore's GIC.

Morgan Stanley research shared exclusively with Secondaries Investor provides evidence that continuation vehicles can meaningfully outperform buyout funds on a median basis

The firm has previously tapped the secondaries market to run a €1.3bn single-asset process on investor administration group IQ-EQ.

Primary Venture Partners ran the secondaries process to generate liquidity for limited partners in its first fund.

More than one in four GPs used the secondaries market to extend hold periods, while a further 18% were enticed by unfunded commitments, according to the investment bank.

The system recently changed its policy to allow for quick commitments to continuation funds.

The buyout and growth firm is the lead buyer in the GP-led deal – the latest example of a non-secondaries firm backing a secondaries deal.

Dealmaking is due for a comeback this year with the return of financial sponsors and more demand for liquidity, according to a panel at IPEM Cannes.

Strengthening pricing drove activity, helped by stabilising interest rates and an overall improvement in economic outlook.