Secondaries

Older Sankaty funds are mostly invested out Bain rebranded Sankaty group into Bain Capital Credit Neuberger Berman is sole buyer on the deal Bain Capital is working with Neuberger Berman to enable investors in older credit funds to cash out while giving the GP more time to manage investments, three sources told Buyouts. Bain Capital’s […]

Centre Lane buys Eaglehill portfolio Eaglehill team not part of the deal Centre Lane no stranger to GP replacements The long, strange saga of Eaglehill Advisors, a much-hyped credit shop whose two partners split up, has come to an end. Centre Lane Partners acquired Eaglehill’s portfolio and will manage the assets going forward. The Eaglehill […]

Total volume reached about $73 bln Megadeals helping drive market volume Portfolios of co-investments could be coming In an already record-breaking secondaries market, the next area of growth could be the sale of bundles of co-investments, according to Gerald Cooper, partner with secondary adviser and placement agency Campbell Lutyens. “Co-investments have become such a big […]

Single-asset deals require more scrutiny because of concentrated risk Staples can work in narrow circumstances, but may impact pricing Mega-deals have become the norm in today’s market Jeffrey Keay is a managing director at HarbourVest Partners focusing on secondary transactions. Keay took a few minutes to speak with Buyouts about the state of the secondary […]

The massive flow of capital into private markets is having an interesting effect, according to Hugh MacArthur of Bain & Co. It’s boosting the average multiple of Ebitda of private assets above that of public assets for the first time since the era just before the global financial crisis. Generally, investors are willing to pay […]

Norinchukin in ’19 sold large portfolio to Lexington Portfolio may be largest-ever sold on secondary market Secondary market in 2018 exceeded $70 bln volume Earlier this year, the potentially largest-ever GP-led process hit the market when Energy & Minerals Group launched a restructuring of older funds. Now, Japan’s Norinchukin Bank is eyeing a sale of […]

Buyers assessing Milestone GP-led deal Could total $400 mln GP seeks to move finance assets to continuation pool Milestone Partners is working on a process to move out specialty finance assets from older funds into a new pool that will set the direction for the firm moving forward, sources told Buyouts. The Radnor, Pennsylvania, firm […]

Ascent launched in ’99 via secondary-backed spinout Pulse Ventures may get secondary support New shop includes ex-Synchronoss CEO Three GPs from Ascent Venture Partners are raising their debut fund, targeting $125 million for early-stage growth investments in a new shop called Pulse Ventures, a person with knowledge of the firm told Buyouts. Geoff Oblak, Matt […]

Company: New Enterprise Associates Financial adviser: Lazard WHY THEY WON: One of the largest secondary deals of the year at $1.4 bln Navigated a host of challenges Moved out 31 companies from four older funds Attracted Goldman Sachs, Hamilton Lane and other investors Seen as a precedent-setting transaction It’s not often that you come across […]

Denham raised Fund IV after spinout from Sowood Deal moves remaining assets into continuation fund One of several energy-focused deals on market GCM Grosvenor led a deal to pull remaining assets out of Denham Capital’s 2005 fund and move them into a new pool that gives the GP more time to manage the investments, sources […]