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Tail-End Funds
NYPPEX estimates that tail-end funds comprised approximately 26 percent, or $6.46 billion, of total secondaries transaction volume in 2013.
The global fund of funds’ figures show there are 200 funds over 10 years old with at least $100m of NAV. That's expected to be a key source of dealflow for secondaries investors.
The restructuring, financed in part by an investor group that includes Landmark and Vision Capital, is seen as a way of providing options to LPs in a fund that has lived beyond its intended life.
The private equity advisor will manage funds that are near the end of their investment cycle, part of a deal also involving Lexington Partners.