Secondaries
TPG takes majority stake in NewQuest
TPG has agreed to take a majority interest in Asia secondaries specialist NewQuest Capital Partners, nearly three years after acquiring a minority stake in the manager.
Fund focus: TR raises $350m for China-heavy secondaries strategy
Having closed its fourth fund at the hard cap of $350 million, Asia secondaries specialist TR Capital expects to go deep into China fund restructurings, taking out renminbi investors onshore and offshore
Five trends for 2021
AVCJ looks at how its 2020 predictions turned out and identifies some key themes for the year ahead
The crystal ball: Predictions for 2021
Industry professionals process the upheavals of 2020 to inform outlooks for a range of markets and investment themes. Realist bullishness abounds
LPs anticipate PE portfolio restructuring - survey
A wave of portfolio restructuring is likely as LPs turn to the secondary market to reshape their private equity exposure, source new credit facilities or dispose of assets to remedy liquidity shortfalls, and review co-investment policies, Coller Capital’s...
Fund focus: Secondaries drive Ping An unit’s transition
China Ping An Insurance Overseas Holdings has aspirations to manage assets for third-party investors. Spinning out part of the global private equity portfolio may help it get there
Ping An gives third-party investors exposure to PE portfolio
The international investment and asset management arm of China’s Ping An Insurance has raised $875 million through a secondary sale of part of its private equity portfolio.
ESG & secondaries: Finer filters
Rising sustainability standards pose unique challenges for investors that prefer buying into existing portfolios. Interestingly, increasingly complex deal structures are making it easier
HarbourVest backs IDG renminbi fund restructuring
IDG Capital has completed a renminbi fund restructuring in which assets have been transferred from one local currency vehicle to another backed by offshore investors. It is the first secondary deal of its kind to use the Qualified Foreign Limited Partner...
Australia's Future Fund posts negative return, sells part of PE portfolio
Future Fund has posted its first yearly negative return since the global financial crisis, amid economic chaos caused by COVID-19, and rebalanced its private equity portfolio as part of efforts to avoid “excessive risk.”
CLSA looks to connect wealthy investors with unicorns
CLSA, the international arm of China-based brokerage CITIC Securities, has launched a strategy to offer high net worth clients investment opportunities in late-stage private companies in Asia.
Asia secondaries: Waiting for the flood
Secondary investors expect deal flow to rebound strongly once there is more certainty on valuations. In Asia, the opportunity will be larger and more nuanced than the post-global financial crisis frenzy
Fund focus: Ardian goes large
With $19 billion in dry powder, Ardian is targeting big-ticket transactions in the secondaries space. Asia is becoming an increasingly significant part
Ardian raises $19b for global secondaries fund
Ardian has closed its eighth global secondaries fund with $19 billion in commitments, representing the largest-ever vehicle raised for the strategy. The total includes $5 billion for co-investment.
Coronavirus & secondaries: Niche dilemmas
Anecdotal feedback from secondaries professionals reveals a quick onset of stagnation in the market due to COVID-19. Creative workarounds are not impossible, but almost
Ex-CPE Capital executive Shane Gong joins Evercore
Shane Gong, who previously led the Singapore office at Australia's CHAMP Private Equity, now CPE Capital, has been recruited by Evercore to head up its PE secondaries business in Asia.
Hamilton Lane backs Legend Capital fund restructuring
Hamilton Lane has led a $200 million restructuring of a VC fund managed by China-based Legend Capital, transferring 12 investments into a new vehicle as a means of extending the holding period.
Australia's Blackbird completes Fund I strip sale
Australia’s Blackbird Ventures has completed a GP-led secondary transaction whereby StepStone Global and HESTA have acquired interests from its debut fund for approximately A$100 million ($69 million).
LPs and secondaries: Subliminal stimulation
Global economic and political themes are exerting an almost invisible undertow on LP participation in the secondaries market. The boom in Asia will be touched but not redirected
HQ hires AB Value's Kitamura for Japan coverage
Motoya Kitamura, previously managing partner of Japanese secondaries investor AB Value Capital Partners, has joined HQ Capital as a managing director.
Australia: VC in vogue
A handful of Australian superannuation funds have started investing directly in local start-ups as well as backing VC funds. Is buying a strip off one of these portfolios the next step?
Manulife secondaries business to target Asia
Manulife Investment Management will target Asia with a newly launched private markets secondary business.
Deal focus: Avataar seeds India SaaS portfolio
Having won support from HarbourVest Partners to spin out a portfolio from his former employer, Norwest Venture Partners, Mohan Kumar is taking aim at India's underdeveloped enterprise software space
Q&A: Pomona Capital's Michael Granoff
Michael Granoff, founder and CEO of Pomona Capital, discusses raising capital from Asian LPs, how GPs can be differentiated in a crowded secondaries market, and why he’s not keen on fund restructurings
