| View this email online The Wire Nov. 17, 2021 TA, True Wind team up on e-Emphasys Technologies investment, LP portfolios take focus in secondaries Morning! What’s on tap today? Talking with a lot of secondaries folks about how the year is wrapping up. While it seems GP-led deals like single-asset processes continue to flood the market, buyers have turned their attention to traditional LP portfolio sales, which are back in force after a slowdown. Large portfolios have hit the market from public pensions like New York State Teachers Retirement System, State Teachers Retirement System of Ohio, Pennsylvania Public School Employees’ Retirement System and Harvard Management Co. (And there’s a lot more that we’re still trying to dig up). There’s still a sense that sellers are bringing huge portfolios to the market if only to sell parts of it, or even simply to test pricing with the idea of pulling back the offering and waiting for a better opportunity. Pricing, though, is rich, with the average high bid for buyout funds at 96 percent of NAV in the first half. Read more here. Buyers expect there will be more than a few GP-led deals that get hung up, fail or just take a much longer time to close because of the sheer volume in the market. The main problem is a lack of capital, and personnel, to execute all the opportunities. Secondaries is expected to hit, for the first time, $100 billion in total transaction volume this year. The industry is only slowly catching up to that crush of deals. What are you seeing? Hit me up at cwitkowsky@buyoutsinsider.com. Read the full wire commentary on PE Hub... Also of note (may require subscriptions) Aiming high: In a red-hot market for growth equity strategies, Warburg Pincus rolled out a 14th flagship growth offering with a target of $16 billion. (Buyouts) 3rd time’s a charm? Pennsylvania Public School Employees’ Retirement System, for the third time, is shopping a more than $1 billion portfolio of private equity fund stakes. (Buyouts) New row to hoe: Cascade Investments, which is backed by Bill Gates, has entered controlled environment agriculture through an investment in Soli Organic. (New Private Markets) Segmentation: Private markets fund managers may have to create dedicated funds to continue investing in fossil fuels and maintain a credible position as sustainable investors, according to EQT chief executive Christian Sinding. (New Private Markets) PE Deals They said it “About half of what we look at doesn’t end up transacting. The playbook now is to go out with a $2 billion or $3 billion portfolio to sell $500 million to $1 billion and do what you can do with the best pricing.” — A secondaries buyer on the rise of LP portfolios. Today's letter was prepared by Chris Witkowsky Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. FIND OUT MORE Please visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC. London | New York | Hong Kong PEI Media Group Ltd is registered in England no.6135779 Registered office: 7th Floor, 100 Wood Street, EC2V 7AN To update your PE Hub email preferences, or to unsubscribe, click here. | 