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The continuation fund for global life science ingredients distributor Barentz is understood to be around €850m in size.
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Allen Waldrop of Alaska Permanent Fund says the fundraising slowdown has given LPs more time to evaluate managers and find those who will outperform the broader market.
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The deal is an example of the kind of complex transactions LPs can use to capture liquidity from their private equity programs at a time of slow exit activity.
The more ambitious goal may owe to an anticipated surge in secondaries investing, driven by pent-up demand, especially among cash-hungry LPs.
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LP sales continue to drive secondaries activity as limited partners look for ways to capture liquidity from their illiquid PE portfolios amid a slowdown in distributions.
Certain characteristics help a new firm stand out in the crowded yet sluggish fundraising market, and Weymouth's firm is in position as a seeder to sort out those firms building for the future. 
Nautic Partners XI is set to bring in $1bn more than its predecessor, closed in 2021.
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The system committed nearly $5bn to co-investments in the second half of 2023 – including one totaling $750m.
In a conversation with Warburg Pincus CEO Chip Kaye, Eneasz Kadziela, the head of private equity with the New York City comptroller, said the frantic fundraising pace of 2021 was something of a burden for LPs.
With greater GP interest in high-net-worth investors, a noteworthy trend is the formation of private equity-specific products tailored to the liquidity requirements of this source.
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