Chris Witkowsky
Single-asset continuation fund deals have become so popular several mid-market investment banks have hired or are seeking talent to advise on such transactions.
Albaron is among a crop of first-timers braving the tough fundraising market to try to attract capital from picky LPs.
Some public pensions seem to think any sunlight allowed on their private equity decision-making processes would cause irreparable damage to their ability to continue investing in the asset class.
Connecticut’s Investment Advisory Council reviewed Mozaic at its April meeting as the finalist for the job.
The deal is an example of the kind of GP-led secondaries deals that often proceed with little publicity in the mid-market but are driving volume.
The closing brings KKR’s Americas private equity platform to more than $90 billion in assets under management across flagship, growth and core investment vehicles.
Secondaries pricing has become uncertain with inflation, supply chain disruptions, geopolitical turmoil and rising interest rates causing public market volatility since the beginning of the year.
The process is among numerous single-asset deals that continue to drive secondaries market volume, even amid a slowdown in more traditional LP portfolio sales.
As of March 31, the firm managed about $1.1 billion, indicating Avance may have met its cap for Fund I.
Coral Tree Partners closed its debut fund recently on $450m, beating its original target and even its cap.
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