GP-Leds

A footnote in the US Securities and Exchange Commission's new rules suggests continuation funds structured as cross fund trades won't be subject to third-party fairness opinion and valuation letters.

Single-asset deals priced at more than 9 percentage points higher than their multi-asset counterparts in the first half of this year.

GP-led deals, which once dominated volume, have taken a back seat to LP portfolio sales, which represented the majority of transactions in the first half of the year.

The transaction is the second the UK-headquartered buyout firm has closed this year after its single-asset process involving SERB.

Healthcare-related assets make up a significant chunk of potential dealflow in the GP-led secondaries market given the sector’s characteristics and outlook.

While demand for such deals is high, activity has only been steadily increasing this year amid price discrepancies and a limited capital base.

Featuring three assets from its first fund, the new vehicle closed oversubscribed and with an all-new group of investors.

Chief executive Christian Sinding had said on the firm’s Q1 earnings call it was pondering alternative liquidity options including continuation funds.

The firm has been running a process this year on its seventh and eighth funds at a time when many LPs are reluctant to sell amid lower pricing.

The firm closed its debut GP-led process in 2021 backed by investors including ICG Strategic Equity and the European Bank for Reconstruction and Development.