Adam Le
Adam Le is Senior Editor, EMEA, for PEI Group's private equity publications, overseeing the flow of global news and analysis for Private Equity International and Secondaries Investor. Based in London, Adam works closely with private equity-focused colleagues across PEI's offices in New York, London and Hong Kong. Prior to PEI, his roles included reporting on finance and technology for Bloomberg Japan.
The firm is seeking north of $175 million for Adveq Secondaries III.
NewQuest Capital Partners took the gong in Asia, while CalPERS and Strategic Partners clinched the top spot for Secondaries Deal of the Year in the Americas.
The fund will focus on acquiring traditional secondaries, which includes portfolios larger than $500 million.
The portfolio included about a third of Future Fund's stake in Charterhouse Capital Partners Fund IX.
The stakes were acquired from William March Rice University amid an uptick in US foundation and endowment disposals.
Sellers are reluctant to bring portfolios to market because they know pricing will be lower.
With the Volcker rule coming into force in 17 months, banks are expected to start offloading the private equity assets still housed on their balance sheets, Secondaries Investor comments.
Private equity represented 20.9 percent of the pension’s investments on 30 September 2015, above its target allocation of 17.5 percent.
.jpg "Goldman picks up Terra Firma stakes")
Last December, Terra Firma chairman and chief executive Guy Hands said the firm was looking to reduce its 190 LPs to 20.
The mezzanine powerhouse is expected to have raised a third of its target for the fund, which will focus on restructurings.