Technology

The firm targets growth assets via GP-led deals, highly concentrated LP stake trades and preferred equity.

The firm has seen several examples of transactions that it previously passed on being relaunched with refreshed pricing.

The vast majority of deals from Israel Secondary Fund III, which is more than triple the size of its predecessor, are expected to be direct secondaries and GP-leds.

The impact secondaries firm has shifted the focus of its clean growth strategy recently to preferred equity structured transactions from traditional LP interests.

A market downturn, diverging views on valuations and ‘risk off’ attitudes are causing many GP-led deals to be repriced.

The process on a software company owned by Banneker Partners, led by a Vista co-founder, was to be priced off a Q4 stake sale until market sentiment turned.

The fund will continue with ISF's focus on acquisitions of holdings in private companies and venture capital funds.

Law firms saw a huge increase in secondaries work during the period under review, with GP-led deals cementing their place as the most popular transaction.

The booming secondaries market for growth assets is on pause, although deals can still happen if sponsors offer a discount.

The fund will invest in assets acquired by 2019-vintage Insight Venture Partners XI, following the launch in 2021 of a vehicle targeting Fund X investments.