Secondaries

The placement agency has put together a team that will work with limited partners to manage their portfolios and run secondary sales.

John Breen, head of funds and secondaries at CPPIB is to step down from the pension. Although it is unclear whether he will also relinquish his position as vice chairman of ILPA, executive director Kathy Jeramaz-Larson said it would be a ‘huge loss’ if Breen did so.

Jessica Hoffman Brennan will join former Credit Suisse executives Michael Arpey and Alok Gaur on Carlyle’s investor relations team.

It’s the right trend for the times – manager contributions to their private equity funds are growing larger, notes Philip Borel.

The results are in: Oaktree and Apax are among the winners that have once again been honoured by peers in the PEI Awards. Meanwhile, TPG swept the boards in Asia, while Actis, Blackstone, Bridgepoint, Robeco, CalPERS, Temasek and Partners Group were also considered standouts by voters.

Limited partners will continue to push for more ‘investor-friendly’ terms in 2011 and are expected to receive ‘more favourable treatment’ from managers, according to a new report.

LPs at Wharton’s 2011 private equity conference said they will continue cutting back on GP relationships, and will consider making commitments to new managers who are good enough to replace existing relationships.

The Euronext-listed fund of funds is considering committing to new private equity funds and has started a process to buy back up to $75m of its outstanding shares.

Some $20bn of secondary transactions is expected for 2010, with no signs of slowing down next year, says PineBridge’s Harvey Lambert.

Apax has reportedly beat out rival private equity consortiums to become the exclusive bidder on the world’s fourth-largest employer, which has grown considerably under private ownership.