The secondaries market just took collaboration to a new level
Some of the secondaries market's biggest buyers have committed LP capital to Accel-KKR's debut blindpool secondaries fund. What gives?
By Adam Le
The secondaries market is known for being a particularly collaborative sub-sector of private markets. Accel-KKR fundraise this week shows collaboration in the secondaries industry is taking this definition to a whole new level.
To recap: software specialist Accel-KKR this week said it had raised over $2.2 billion for its debut dedicated blindpool secondaries fund, which will back single-asset GP-led deals. The firm had already backed a single-asset continuation fund with Germany’s LEA Partners in January using balance sheet capital, as Secondaries Investor reported. Now, the firm has a multi-billion dollar dedicated pool of capital to pursue similar transactions.
What’s interesting about Accel-KKR’s raise – and there are multiple interesting points – is that some of the secondaries market’s biggest buyers have have backed the firm’s blindpool raise in the form of committing primary capital as LPs. Ardian , StepStone Group , Adams Street Partners and CPP Investments | Investissements RPC have all...