Secondaries

Diverse collateral mix of secondaries, portfolio finance and co-investments helps Carlyle unit close above target on $1bn.

Pilot product helps LPs conduct cost-benefit analyses and lets smaller GPs act without advisers.

High net-worth investors have been backing secondaries funds at 'astonishing' rates

The subpar fundraising environment of the past two years has played a role in spurring interest in co-investments, but it’s not the only driving force behind the rising trend.

A study by the bank and the HEC School of Management has also reinforced earlier findings that single-asset CVs perform largely in line with buyout funds, while offering lower return dispersion.

The credit advisory unit is seeking to fill a void by offering financing for PE employees who need assistance in meeting co-investment obligations, head of origination Mathieu Rabiller tells PEI.

Agency publishes criteria for NAVs backed by LP secondaries interests, with plans to rate other NAV types down the road.

Transfer agreements are seen as a $100,000 'copy & paste job' by some and 'complex legal contracts' that law firms are losing money on by others.

The transaction has been backed by capital from long-term yield-oriented institutions and not traditional secondaries firms, PEI understands.

Co-investors often have different expectations and preferences than main fund investors when it comes to GP-led secondaries processes, write Debevoise's Jane Engelhardt, Brett Bush and Lauren Heller.