Fundraising

The Asian directs specialist has raised nearly 90% of the capital it's seeking for NewQuest Asia Fund IV, which has been in market since at least April.

Jeff Akers and Pinal Nicum of Adams Street Partners discuss their latest fundraise, the rise of SMAs and the limitations of relying on leverage to generate returns.

Tony Cusano has founded Banner Ridge Partners and hired a principal from his former firm as a partner.

The debut fund will target primary, secondaries and direct co-investments across multiple geographies, sectors and strategies.

The investment manager is seeking €700m for its eighth lower-market funds of funds, 40% of which will go to secondaries.

Around half of the capital raised is via separately managed accounts, Secondaries Investor understands.

The growth in dealflow outweighs the money being raised for the strategy, Mario Giannini told investors on the firm's latest earnings call.

Spectra Investments is seeking around $200m for its fourth fund and will allocate about 40% to secondaries.

The process comes as the Carlyle Group also explores using secondaries on its 2013-vintage Sub-Saharan Africa fund.

The VC specialist led a $450m fund restructuring in May involving Altos Ventures' fourth fund.