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From stapled deals to restructurings, tender offers to strip sales, Andrew Sealey, managing partner and chief executive of Campbell Lutyens, discusses the different types of GP-led deals and how they can benefit all parties.
The closing of Manulife Financial's stapled deal in June – among the largest in North America this year – is further evidence that large asset holders and managers have a third option for their assets.
The close comes after a ‘strict and intellectually rigorous process’ to roll over assets from the Italian group’s first fund, chief investment officer Carlo Michelini tells us.
And it isn’t just the growing number – and size – of the primary infrastructure vehicles that will fuel secondaries’ growth, Campbell Lutyens’ Gerald Cooper explains.
Expect a document that gets into the weeds when the LP body issues its best practices for fund restructurings.
The industry body, which represents $2trn in PE assets, plans to publish an update to its private equity principles as early as this year.
The pension fund is looking for law firms to help it exit private investments, according to a request for proposals.
The outpost will focus on investor relations, especially infrastructure client service, it is understood.
The vehicle has already made six investments in infrastructure managers from Europe, the US and Australia, equivalent to around 25% of capital raised.
A US-based fund of funds has picked up 25% of the €547m vehicle, which closed in 2008.
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