The Campbell Lutyens Secondary Market Overview Report reveals that the secondary market teed off 2025 with a monster drive, smashing $110 billion in volume; that’s a 59% year-on-year gain and the biggest front nine on record. LP-led deals were finding the fairway at a 13.3% discount on average, though senior credit and infra funds were barely in the rough at just 6 to 8%.
Hasfarm Holdings, majority owned by private equity group TPG, are embracing ‘flower power’ in a reported $270 million takeover bid for Sydney-based flower producer and wholesaler, Lynch Group. If the deal goes through Lynch will start planting new roots in Asia’s largest grower of temperate flowers. Hasfarm itself is headquartered in Hong Kong. Its flower empire operates out of Vietnam, China and Indonesia, including wholesale businesses in China, Japan and Vietnam.
It may come as a shock but just 12 large VC managers have raised more than 50% of all new venture capital in the first six months of 2025 according to Pitchbook. For emerging managers the prospects of raising a second fund have become notably more challenging. Only one third of those who launched their inaugural fund in 2021, at the height of VC fundraising activity, have brought a second fund to market.
Steady and reliable wins the race. At least that seems to be the case in private credit as it once again proves its value to investors during times of market uncertainty. A new credit perspectives report by CVC notes that European direct lending is up by 44% and 56% YoY on a volume and deal count basis.
Hold on to your hats and brace yourself. Yale, one of the world’s largest endowments, is planning to rebalance its private markets portfolio. The strength of this Yale force move is expected to be significant, with the endowment expected to sell around USD6 billion, or 15% of its total value, on the secondary market.