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The pension plan of the world’s largest delivery business has not seen any tempting market opportunities for some time.
Early figures indicate it could be a stellar market this year on the back of several large stapled deals and fund closes in H1.
Multi-strategy managers are vying for SMA money – a strategy popular with secondaries firms – with KKR reportedly in line to land a $3bn whopper.
The former captive unit of Deutsche Bank is no longer the parent company’s ‘neglected child’.
Investors including CDPQ, Florida SBA and LACERA received a letter on Wednesday outlining the terms of the secondaries transaction, which includes a stapled commitment to the buyout firm’s latest fund.
Amid high pricing for secondaries, the firm is focusing on committing to vehicles in fundraising that have already held a first close and have made a few investments.
Secondaries funds take full advantage of subscription lines, but subscription lines also benefit from the secondaries market.
Buyers are using levels of leverage that 'haven't been seen before', according to Mario Giannini.
In this third excerpt from sister publication Private Equity International's secondaries roundtable, some of the market’s top participants discuss the use of leverage to boost returns.
Asia is the largest while the majority of transactions are direct secondaries.