Performance

The secondaries industry is stepping up its reporting of the performance of continuation fund exits as the supply of opportunities continues to outstrip available capital.

According to mid-year advisory reports, the market is looking at a potentially record-breaking finish to 2024.

Following an ‘era of innovation’, the secondaries market is ushering in a new age of growth.

While H1 2024 did not see a large-scale fund close, several vehicles with hefty targets remain in market.

The firm’s 2016-vintage Fund VI was producing a 2.03x DPI as of December 2023, according to PEI Group data.

Big step-ups in the firm's recent fund sizes may be due to greater LP appetite for co-investing as a way to build private equity exposure on a no-fee, no-carried interest basis.

Documents prepared for a US pension shed light on the performance of the firm's growth funds as it seeks $9bn for its 12th vintage.

The new flagship offering's target size is 12% larger than Fund IX, which closed in 2021 on $5.6bn.

Details of Thoma Bravo Fund XVI and the returns of its predecessors have been disclosed in US pension materials.

The transaction has been backed by capital from long-term yield-oriented institutions and not traditional secondaries firms, PEI understands.