indirect

The appointment at advisory firm Sera Global follows that of Kilian Toms who joined in March from Landmark Partners to focus on EMEA.

The $197bn private credit and private equity giant follows TPG and Brookfield in looking to gain exposure to the rapidly growing secondaries market.

Insufficient staffing and a lack of opportunities are cited as key obstacles.

Although the strategy is not front of mind for most investors, a new type of manager-led deal is set to attract more institutional capital.

The new hire will help to lead investments in Europe while the New York-based private markets firm also plans to step up deployment in Asia.

The New York-based secondaries specialist’s trade from Carlyle to BGO highlights the benefits and risks involved with investing in the space.

Investors are increasingly interested in tailored secondary structures, says James Jacobs, head of real estate for Lazard’s private capital advisory group.

StepStone Real Estate Partners IV, which has been in market since April last year, raised twice as much as its predecessor to invest in complex secondaries deals.

The Global Navigator Fund is the first fund to be launched by the firm's indirect business since the purchase of Aviva's Real Estate Multi-Manager team.

Real estate went against the trend, with the average top bid dropping from 81.04% of NAV to 79.88%, according to data from the intermediary.