The Institutional Limited Partner @hoIistic_pm
Institutional Investor. Private Markets (PE, PD, Infra, Real Estate): €1Bn+ invested. Primaries & direct Secondaries. Sharing insights on markets, deals & GPs Paris, France Joined October 2011-
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This is the story of the most profitable private equity buyout of all time and it’s French 🇫🇷 Company : Polyplus-Transfection Sector : Healthcare 💊 Sponsor : Archimed Here is a thread on how Archimed achieved a 300x MOIC on its initial investment 🧵👇
The current state of the secondary market is summed up by a broker in his Q3 market update 👉”For years, venerable institutional secondary managers have enjoyed rich returns, underpinned by disciplined underwriting. Those times are over. Performance has been sacrificed on the…
I’ve often said that evergreen funds are distorting secondary pricing and overpaying, especially for LP-led deals. But here is the evidence from Evercore. Evergreens are overbidding by up to 25% point above traditional closed-end secondary players. That is going to end in very…
Thanks god, the market is healing!
In the last 12/18 months, I’ve also noticed a clear trend regarding GP-led. It is the penetration of continuation vehicles in the lower end of the market. Once reserved for UMM/ large cap companies, they’re now adopted by MM or LMM players.
In the last 12/18 months, I’ve also noticed a clear trend regarding GP-led. It is the penetration of continuation vehicles in the lower end of the market. Once reserved for UMM/ large cap companies, they’re now adopted by MM or LMM players.
Evercore H1 2025 Secondary report has some interesting data about the market. Some that caught my attention 👇 1Record volumes totalling clearing more than $100Bn with a balance between LP and GP-led deals 2As discussed often on my account and confirmed by Evercore’s data,…
Apollo is buying Athletico Madrid from Ares, which makes a stellar return on its 2021 investment. Here are some peers comp deals in the European Football universe
Secondaries fundraising broke a record in H1 2025, $80Bn were raised!
I will add that endowments mostly invest in brand-name GPs, which are « flow names » in the secondary market. They are literally priced by all the market participants. People have no clue how competitive the market is for this type of LP stakes. There are secondary players out…
I will add that endowments mostly invest in brand-name GPs, which are « flow names » in the secondary market. They are literally priced by all the market participants. People have no clue how competitive the market is for this type of LP stakes. There are secondary players out…
A STORY OF LEVERAGE—I attended the AGM of a lower mid-cap PE fund today and had a fascinating talk with the founder of one of the portfolio companies. He told me how being unlevered allowed him to crush his competition during a market downturn. In 2010, the guy founded a…
I know a guy who owns a bunch of good quality real estate in Paris, portfolio appraised by « independent valuation » firms like CBRE, JLL… Needed liquidity —> gave sell mandate to CBRE and others… The best bid he received was 20% below the lowest mark…
PAI Partners exiting Froneri through a second continuation fund A CV on a CV…
Private equity firm ads on tennis player jerseys is the new normal! And congrats to her, of course!
Private equity firm ads on tennis player jerseys is the new normal! And congrats to her, of course!
I just learned through a secondary process that Jeff Bezos’ brother is running a PE firm. His latest company acquisition is: « an e-commerce agency accelerator providing marketplace management services primarily through the Amazon Marketplace. » What a coïncidence! 😏
I talked with a friend who founded a highly successful LMM PE firm. He recently ran a dual-track process, traditional exit vs. continuation fund, through Rothschild & Co. for one of his portcos. He got exactly the same pricing from both Primary PE funds or Secondary GP-led…
No sub-asset class seems immune to the spread tightening in private credit. Below are NAV Loan to Fund of Funds spreads per AXA IM.
Good illustration from Siguler Guff of what the average Lower Mid Market deal looked like for the last 20 years
Evergreen guys are killing the secondary market. They consistently pay NAV or even premiums to avoid cash drag. I wonder how these people who underwrite secondary deals at 1.3x multiple—12% gross IRR will perform…after their generous fees. Glad not to compete in their deal…
Campbell Lutyens dropped another good market report, this time covering Private Credit. Some interesting slides 👇 1. Fundraising activity split by strategy 2. OpCo vs HoldCo risk in infrastructure lending 3. Growth of PC secondaries 4. PC secondaries and NAV Lending players
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