Tail-End Funds

Kuwait Investment Authority has been offloading European private equity stakes in line with changes taking place at its London office.

The secondaries veteran's move to the role of senior advisor comes after several other changes in the advisory business.

Blackstone's Strategic Partners acquired stakes in the firm's 2007-vintage European technology fund, and 2003- and 2007-vintage European buyout vehicles.

The firm, which focuses on smaller, more complex secondaries deals, has nearly fully invested its third fund and is halfway to raising a fourth.

The transition away from tail-ends and GP-led restructurings is already happening, said Pal Ristvedt at BVCA's annual conference.

The firm's mature secondaries fund has acquired stakes in vehicles managed by Vision Capital, DH Private Equity and Abingworth, among others.

This is the first dollar-demoninated fund for the tail-end specialist, which attracted US and multinational institutional LPs to its latest vehicle.

Carlyle, Apollo and Blackstone funds were among those that changed hands in the deal involving $644m of NAV.

Committed Advisors has acquired fund interests including IK 2007, which holds hydraulics and pneumatics company DGI.

Stakes in funds near the end of their lives with considerable remaining NAV have moved from being a specialist to a mainstream pursuit – and leverage can help buyers maximise returns..