GP-Leds

More and more GPs are taking bundles of assets from expired infra funds and moving them into new, longer-dated yield-generating vehicles which they then open up to new LPs through stake sales.

The firm's global head of secondaries, Andrew Hawkins, outlines ICG's strategy for making restructurings work.

Secondaries advisors are increasingly incorporating fairness opinions into GP-led restructurings, giving LPs an independent perspective while providing insurance for fund managers. Overall, fairness opinions are seen as a step in the right direction toward better representation of LPs.

A consortium led by Access Capital Partners restructured Odin's two buyout funds. The firm also rebranded to BWB Partners.

The Swiss group will deploy the capital in secondaries, direct and primary real estate transactions.

More than 40% of those recently surveyed by PEI's Research and Analytics division and Montana Capital Partners see GP restructurings as negative.

New and existing secondaries firms are becoming more focused on particular niches, which is a boon for LPs wanting more specificity but also a sign that returns will be less uniform in the future.

Restructurings are supposed to be a win for all parties involved, but most LPs believe they better serve GPs' interests, a new Palico survey finds.

The distressed debt fund, raised about 10 years ago, was caught in Lehman Brothers' collapse, which impacted its returns.

Merely trading LP positions won’t address deep problems of funds that haven’t raised new capital for at least eight years, explains Joncarlo Mark, founder of Upwelling Capital Group.