Fundraising

Reduced exit activity in the buyout market, coupled with the denominator effect, is creating opportunities for buyers, Shane Feeney, managing director and global head of secondaries, tells Secondaries Investor.

The firm has also made headway with fundraising for its latest secondaries programme, according to vice-chairman Erik Hirsch.

Ashbridge Transformational Secondaries Fund II is nearly four times larger than its predecessor, which closed on $675m in 2018.

The fund, which will invest in both LP- and GP-led secondaries opportunities, will primarily focus on buying interests in mid-market buyout funds.

Ricardo Miró-Quesada, the firm's head of PE, talks to Secondaries Investor on the back of its €450m raise for ASF XIV.

LP secondaries is a scalable business, meaning firms like Strategic Partners can raise funds twice the size of their predecessors without doubling the size of their teams.

To date, the fund has closed on more than 30 secondaries investments at attractive discounts as well as some direct co-investments in companies.

The asset manager of one of the world’s largest financial institutions is seeking €500m for the vehicle.

The alternatives giant has collected $25bn, including $2.7bn for its dedicated GP-led vehicle.

Nine out of 10 of the firm’s existing investors had re-upped in the fund’s $350m first close.