All Secondaries Daily reporting, newest first.
Ibex's $87 million Israel-focused fund was the week's only secondaries close with a disclosed figure; Sun Capital and Center Rock were among three continuation vehicles reported without prices.
Ares set a $1 billion target for the vehicle, which finances private-equity managers; separately, three continuation vehicles closed without reported prices.
The debut vehicle targets financing for private-equity managers, which AltAssets ties to growing demand for that exposure.
Forvis Mazars and PitchBook put the median at 11.7x, down from 20.4x across 702 sponsor deals worth $58.8 billion.
Forvis Mazars and PitchBook put the median EV/EBITDA multiple on private equity SaaS deals at 11.7x in the first half, down from 20.4x, across 702 transactions worth $58.8bn.
PE Hub reports no price, vehicle size or rollover terms for the Cape Coral turbine-parts supplier.
Among the week's secondaries closes, only Ibex's carried a disclosed dollar figure; Sun Capital's Anderson Global closed with no price, size or named lead buyer.
A published extract presents the €1bn-a-year allocations as hypothetical; the week's continuation vehicles closed without asset-level marks.
Barings filed a credit vehicle and Värde launched one, both without disclosed sizes, the same week Sun Capital's Anderson Global closed without a disclosed price.
The vehicle gives Fund VIII LPs a liquidity option or a roll, and neither its size nor any lead buyer was disclosed.
A standing €1bn-a-year commitment from each would add €2bn of annual GP-led demand, though the published extract reports a hypothetical and not an announced budget.
The Anderson Global vehicle gives Fund VIII LPs a liquidity option or a roll, but no price, size, or lead buyer was disclosed.
The vehicle gives Fund VIII LPs a liquidity option or the chance to roll; the report carries no price, size or lead buyer.
AltAssets reported the close on 28 September, the week's only clean fundraising figure as larger secondaries deals printed without asset marks.
A $101 million bank sale and three GP-led continuation vehicles closed without asset-level prices, leaving the week's secondaries tape anchored to a management company's fee stream.
AltAssets reported the close on 28 September; the accessible page carries no LP base, target or strategy detail.
Three GP-led continuation vehicles closed without a mark, and the absence is the mechanism: buyers are underwriting the sponsor's valuation rather than the company underneath.
A $101 million bank balance-sheet sale and a $4.7 billion Orix–Anchorage GP stake printed; three continuation vehicles closed without an asset-level mark.
A bank's balance-sheet sale is not an asset mark, and the week's three unpriced continuation vehicles show the GP-led market still has no external anchor.
A $4.7 billion Orix–Anchorage Capital closing shows capital moving through manager economics while LP-led trades stay stalled.
BDO's research pairs a longer tail of funds past five years with sponsor expectations of higher prices, leaving voluntary LP sellers unwilling to trade below marks.
BDO's research points to a longer tail of funds running past five years just as sponsors tell surveyors they expect to buy at higher prices, a pairing that suggests LP-led books will price slowly rather than cheaply.
Three GP-led continuation vehicles closed without a published mark, including Guardian Alarm's security-services deal; the LP-led side printed one number. Sponsor valuations now set the price from fertility to security services.
Four days after Amulet's unpriced fertility CV, the GP-led market has another closed deal whose mark nobody outside the room can see.
Priced LP-led trades give buyers a benchmark to use against Amulet's unpriced US Fertility continuation vehicle.
A $101 million bank position and a Dutch pension fund set one reference for the week's LP-led supply; Amulet's US Fertility continuation vehicle closes with no published price, leaving buyers to run two underwriting models.
A $101 million bank position and a BlackRock agreement with a Dutch pension fund are the week's real supply story, and sellers like these price off the balance sheet rather than the asset.
The fertility comp is a number the sponsor and lead buyer keep to themselves.
Built to hand LPs an exit, the continuation vehicle has become a front door for small LPs — and their OCIO may be standing in it first.
A structure built to hand LPs an exit is being bought by LPs who want an entrance—and the OCIO's seat sits ahead of its clients' capital.
A benchmark-free fertility continuation vehicle shows the GP-led market now prices services assets off the sponsor's mark rather than the tape.
Single-asset continuation vehicles for a fitness-equipment maker and a shipping franchise are clearing while the mega LP portfolios wait.
A $1 billion pre-hire commitment and an allocator's launch show capital now follows people.
The $1bn was committed before the hire, and a market with too much capital and too few invitations now pays for relationships rather than vehicles.
Gordian Investment Group's premise that execution rather than capital is the secondaries bottleneck will be tested on precisely the deals other buyers walk away from.
A single-asset fertility deal arrives with a family count in the headline and no valuation anywhere in it.
Hong Kong panelists expect Indian secondaries exits to precede fundraises, and a negative buyout benchmark gives buyers the cover to price continuation vehicles below sponsor marks.
Indian sponsors are expected to run secondaries exits ahead of fundraises, putting the GP-led desk in the position of underwriting sponsor marks against a buyout benchmark that has just turned negative.
Panelists at a Hong Kong private equity forum expect secondaries exits to precede Indian fundraises, sending supply to buyers who price off sponsor marks.
Venture buyers get the discount, the GP-led side gets the sponsor's number, and HarbourVest's negative quarter draws the line.
Speed-first buyers have already accepted the sponsor's mark.
Pantheon's €1.2bn credit CV has no public benchmark; Kelso's $510m MEP CV is ordinary. Each prices on terms, not marks.
Credit's arrival in the GP-led market moves the pricing question off published comps and onto covenants, rollover terms and one lead buyer's underwriting.
The sticker price says little; the rollover, fees, and covenants will decide whether this middle-market exit works.
The $510 million fund for a Utah mechanical, electrical and plumbing contractor is the GP-led market's mundane face: the trade's real content sits in the terms, not the headline.
The single-asset vehicle gives existing LPs a liquidity option while adding fresh capital to fund the fitness equipment maker's expansion.
The second Bridgepoint-Pantheon GP-led in two days prices an illiquid credit book with no public benchmark.
The firm more than doubled its venture secondaries pool; the test is whether it can deploy the money at disciplined discounts.
PE Hub reports the close for the freight and parcel services provider, with no valuation, vehicle size, or investor names disclosed.
An 11x Saviynt rollover now has to answer to a public benchmark.
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