Stapled Deals

HarbourVest Partners’ single-asset restructuring is a prime example of how – if all interests align – such deals can be a perfect prescription for old assets with residual value.

Speaking on a Secondaries Investor podcast, the advisory firm and placement agent's chief executive noted that the quality of the manager can negate a drop in pricing caused by staple offers.

The closing of Manulife Financial's stapled deal in June – among the largest in North America this year – is further evidence that large asset holders and managers have a third option for their assets.

As stapled deals evolve to take all shapes and sizes, GPs and their advisors must continue to disclose their effect on pricing to LPs.

The firm has acquired stakes in the 2010-vintage buyout fund of one of France's oldest private equity houses.

The investment firm will commit to Bridgepoint's latest credit fund as part of the deal, Secondaries Investor understands.

The team behind one of the UK's best-known mid-market firms has formed Horizon Capital, backed by a group of investors including Pantheon and Idinvest Partners.

The firm has advised on 10 complex secondaries transactions totalling $2bn, including one of Asia's first restructurings in 2016.

LPs should consider what an offer from a secondaries buyer means for a GP's future, according to panel participants at an industry conference in London.

The process involved the firm's 2007-vintage buyout fund which was subject to an abandoned stapled deal in 2015.