Tail-End Funds

Legend Capital raised $270m for a transaction involving Chinese healthcare assets from two older funds.

The GP-led specialists have led the formation of Brentwood Associates Opportunity Fund with assets from the managers’ two previous vehicles.

Activity is driven by secondaries and funds of funds aiming to lock in returns and liquidate old vehicles, according to managing partner Etienne Deshorme.

The tail-end secondaries specialist is investing its seventh fund, which closed last year on its $1bn hard-cap.

Sellers pushed on with secondaries sales despite the crisis and dealflow is likely to remain strong into December, according to Jared Barlow, a partner at the firm.

The listed arm of Intermediate Capital Group de-risked its portfolio by selling stakes in funds managed by IK, Graphite and Silverfleet, among others.

The firm targets underperforming funds and difficult situations, which it says have increased as a result of covid-19.

The appointment comes after secondaries head Nico Taverna's departure last year.

Hollyport Secondary Opportunities VII has raised double the amount collected by its 2017-vintage predecessor.

As Hollyport seeks $750m for its latest flagship fund, we look at the terms of the fund and the niche secondaries specialist's performance so far.