The continuation fund for global life science ingredients distributor Barentz is understood to be around €850m in size.
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.
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.
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.Â
Nautic Partners XI is set to bring in $1bn more than its predecessor, closed in 2021.
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.