Deal of the Year – Secondary

ChrysCapital Partners

ChrysCapital Partners transferred National Stock Exchange of India (NSE) into a USD 700m single-asset continuation vehicle (CV) in April 2024. GIC, which co-invested alongside ChrysCapital, also exited. HarbourVest Partners, LGT Capital Partners, and Pantheon served as anchor investors. Most LPs in Fund VI – this was the last remaining asset – chose to cash out for a 6x return in US dollar terms rather than roll over into the CV. ChrysCapital and GIC acquired a 5% stake in NSE in 2016. The company, which is traded relatively openly on the unlisted market, was valued at INR 1.45trn (USD 17.4bn) in September 2023.

J-Star

J-Star completed Japan’s first GP-led secondary transaction in November 2023, transferring four assets from its third, fourth, and fifth funds into a multi-asset continuation vehicle (CV). Neuberger Berman served as anchor investor in the CV, known as Renatus Group, which had aggregate commitments of JPY 17.9bn (USD 120m). J-Star contributed capital from Fund V to the transaction. All four companies are in waste treatment and recycling: Harita Metal (acquired in 2017), Sanwa Group (2023), Sincere Holdings (2020), and SNK Holdings (2019). J-Star wanted to provide liquidity to LPs in Funds III and IV and turn Renatus into an industry leader.

PAG

PAG closed a tender offer to LPs in its first three Asian funds in April 2024, whereby incoming investors provided liquidity to those LPs while making a stapled commitment to Fund IV. Abu Dhabi Investment Authority (ADIA) led the deal, accompanied by three smaller investors. Selling volume was around USD 600m, with USD 1 in primary capital for every USD 3 of secondary. ADIA was already in Fund IV, so its staple contribution was negligible. The other investors participated on a 1:3 basis. Fund I priced at 50%-60% of net asset value; Funds II and III priced at 70%-75%.