Ares raises $4.2bn for debut structured solutions strategy, topping $1bn target
The debut vehicle targets financing for private-equity managers, which AltAssets ties to growing demand for that exposure.
Published Oct 2, 6:54 AM ET
SaaS buyout multiples fall to 11.7x from 20.4x on $58.8bn of sponsor deals
Forvis Mazars and PitchBook put the median EV/EBITDA multiple on private equity SaaS deals at 11.7x in the first half, down from 20.4x, across 702 transactions worth $58.8bn.
Center Rock closes Power Services Group continuation vehicle led by New 2ND Capital
PE Hub reports no price, vehicle size or rollover terms for the Cape Coral turbine-parts supplier.
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Reach Capital's William Barrett floats €1bn-a-year GP-led budgets for CDPQ and Allianz
GP-Led · 4d ago
Ibex closes second Israel-focused secondaries fund at $87 million
The Wrap · 5d ago
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The Secondary OpenSecondaries cleared everything this week except the assets
A $101 million bank balance-sheet sale and a $4.7 billion Orix–Anchorage GP stake printed; three continuation vehicles closed without an asset-level mark.
The Secondary Open
GP stakes clear the secondaries backlog
A $4.7 billion Orix–Anchorage Capital closing shows capital moving through manager economics while LP-led trades stay stalled.
The Secondary Open
Aging funds and sponsor price optimism stall the LP-led market
BDO's research pairs a longer tail of funds past five years with sponsor expectations of higher prices, leaving voluntary LP sellers unwilling to trade below marks.
Dry Powder
Guardian Alarm shows benchmark-free CV pricing is now the default
Three GP-led continuation vehicles closed without a published mark, including Guardian Alarm's security-services deal; the LP-led side printed one number. Sponsor valuations now set the price from fertility to security services.
MovesThe full wire →
Movement coverage returns with the next weekday edition.
The Wire
Mar 31Onur Erzan — AllianceBernstein L.P. → AllianceBernstein L.P.
Mar 31Onur Erzan — AllianceBernstein → AllianceBernstein
Mar 31Onur Erzan
Mar 30Seth Bernstein — AllianceBernstein L.P. → AllianceBernstein L.P.
Dec 31Zar Toolan — to Certified Financial Planner Board of Standards Inc.
Dec 31Drew McMorrow — to Certified Financial Planner Board of Standards Inc.
The WrapAll The Wrap →
A $101 million print forces the CV debate
Priced LP-led trades give buyers a benchmark to use against Amulet's unpriced US Fertility continuation vehicle.
Two secondary pricing regimes, and only one has an anchor
A $101 million bank position and a Dutch pension fund set one reference for the week's LP-led supply; Amulet's US Fertility continuation vehicle closes with no published price, leaving buyers to run two underwriting models.
Banks and pensions are restocking the LP-led secondaries market
A $101 million bank position and a BlackRock agreement with a Dutch pension fund are the week's real supply story, and sellers like these price off the balance sheet rather than the asset.
GP-LedAll GP-Led →
Certares and New 2ND Capital close an unpriced Guardian Alarm continuation vehicle
Four days after Amulet's unpriced fertility CV, the GP-led market has another closed deal whose mark nobody outside the room can see.
Amulet closes a US Fertility continuation vehicle with no reported price
The fertility comp is a number the sponsor and lead buyer keep to themselves.
Small LPs turn GP-led deals into an on-ramp
A structure built to hand LPs an exit is being bought by LPs who want an entrance—and the OCIO's seat sits ahead of its clients' capital.
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