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The China-focused private equity firm hired Lazard at the beginning of the year to help it restructure its $400m fund, Secondaries Investor has learned.

The preferred equity specialist is seeking north of €500m for its latest vehicle, Secondaries Investor has learned.

Advisory firms that provide investment management services to EU clients, such as secondaries managers, must still comply with the directive, the UK's financial regulator says.

StepStone tapped its latest secondaries fund to acquire George Kaiser Family Foundation's entire stake in the six-asset vehicle.

The sale of Fidor comes after the firm offloaded six European assets earlier in the year in a direct secondaries transaction worth €96m.

The global investment firm is seeking double the target of its predecessor secondaries fund, according to documents from a US pension which also revealed the fund's terms.

Investors are ever more selective and focusing on higher-quality assets, while other funds struggle, according to a report by the bank's private fund group.

Good secondaries dealflow saw the predecessor fund's allocation to the strategy raised to 51%.

Galdana Ventures I had an initial hard-cap of €250m and will be able to make secondaries purchases, Secondaries Investor has learned.

A decline in crude oil prices, the S&P 500's worst ever start to a year, Brexit and growth fears in China all contributed to the drop in deal volume, estimated at $12bn.