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The firm has also opened an office in Frankfurt – its first in Germany – as it seeks €750m for infrastructure secondaries.
Kempen Capital Management’s director, private markets, Marvin de Jong, warns that the covid-19 crisis is not a re-run of 2008.
debate
This year’s health crisis has made single-asset transactions more appealing for a host of reasons.
Alaska
The portfolio acquired from a sovereign wealth fund is probably the largest-ever infrastructure sale, said Blackstone COO Jon Gray.
pumpkin pie
GP-led processes were used to isolate top performing assets during the bull market, so why not the opposite now?
GP stake sales
Infra managers have long been in demand for the funds they manage; now, third-party investors also want a slice of the GP pie.
The fund has sub-vehicles investing in asset classes such as PE, debt and infrastructure, each of which can commit 30% to secondaries.
Secondaries are still uncommon in the asset class, but certain fundamentals may drive demand in the future, writes Amy Carroll.
University of Liverpool
The move will enable roughly 85,000 DC members, representing around £1bn of funds, to select a private markets allocation within their investment programme.
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