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| Titre | Date | Durée | |
|---|---|---|---|
| BlackRock Funds Test 10% Discount Trigger — July 03, 2026 | 03 Jul 2026 | 00:02:43 | |
BlackRock’s closed-end fund discount programs show BSTZ and BMEZ over the 10% average-discount trigger at midyear, putting potential 98%-of-NAV tender offers in view if conditions hold through September.
In this episode:
Top stories:
1. BlackRock Provides Update on Closed-End Fund Discount Management Programs | Morningstar — Morningstar
https://www.morningstar.com/news/business-wire/20260701940154/blackrock-provides-update-on-closed-end-fund-discount-management-programs
Follow and rate Infrastructure Secondaries Daily on Apple Podcasts or Spotify. Feedback? Email infrastructure-secondaries-daily@lanternpodcasts.com | |||
| Momentum’s $5.5B Price Tests LNG Infrastructure Demand — July 02, 2026 | 02 Jul 2026 | 00:04:01 | |
Williams Co. is in advanced discussions to acquire PE-backed Momentum Midstream for around $5.5 billion, implying a 22-25x EBITDA multiple and a major liquidity marker for EnCap Flatrock.
In this episode:
Top stories:
1. Momentum Midstream could be the latest target in US LNG buildout - PitchBook — PitchBook
https://pitchbook.com/news/articles/momentum-midstream-could-be-the-latest-target-in-us-lng-buildout
2. Chicago Laborers' pension seeks global infrastructure managers - Alternatives Watch — Alternatives Watch
https://www.alternativeswatch.com/2026/06/29/chicago-laborers-pension-seeks-global-infrastructure-managers/
Follow and rate Infrastructure Secondaries Daily on Apple Podcasts or Spotify. Feedback? Email infrastructure-secondaries-daily@lanternpodcasts.com | |||
| Cogent’s $225M Sale, SEC’s CV Scrutiny Set the Tape — June 30, 2026 | 30 Jun 2026 | 00:10:36 | |
Cogent sold 10 U.S. data centers to an I Squared Capital-sponsored buyer for $225 million cash, while FTAI added Tidewater at roughly 5x forward EBITDA and Reuters reports SEC scrutiny of continuation vehicles.
In this episode:
Top stories:
1. Cogent sells 10 data centers for $225M cash | CCOI 8-K Filing — Stock Titan
https://www.stocktitan.net/sec-filings/CCOI/8-k-cogent-communications-holdings-inc-reports-material-event-37cdb632fcea.html
2. FTAI Infrastructure Announces Acquisition of Tidewater — GlobeNewswire
https://www.globenewswire.com/news-release/2026/06/29/3318790/0/en/FTAI-Infrastructure-Announces-Acquisition-of-Tidewater-Logistics.html
3. Chrysalis Investments net asset value hit by Starling, Klarna, wefox — Alliance News
https://sa.marketscreener.com/news/chrysalis-investments-net-asset-value-hit-by-starling-klarna-wefox-ce7f5fdcd880f120
4. Exclusive-US SEC probes popular type of private equity fund as it ... — Reuters
https://www.aol.com/articles/exclusive-us-sec-probes-popular-100634000.html
5. Step Back: If the SEC is reportedly probing continuation funds, where is the legal line between a tough-but-permitted GP-led secondary deal and something regulators could actually treat as a securities-law problem?
Follow and rate Infrastructure Secondaries Daily on Apple Podcasts or Spotify. Feedback? Email infrastructure-secondaries-daily@lanternpodcasts.com | |||
| Atlas Arteria Pays $100M as AES Holders Back $33.4B Takeout — June 29, 2026 | 29 Jun 2026 | 00:10:45 | |
Atlas Arteria’s $100 million Skyway put-option retirement gives infrastructure investors a fresh hard-number signal, while AES shareholders approved GIP and EQT’s $33.4 billion take-private and EIOPA flagged pension liquidity risk as private-market allocations keep rising.
In this episode:
Top stories:
1. Atlas Arteria Pays $100 Million To Retire Skyway Put Option - Finimize — Finimize
https://finimize.com/content/atlas-arteria-pays-100-million-to-retire-skyway-put-option
2. AES Stockholders Approve Acquisition by Global Infrastructure Partners and EQT-Led Consortium | Morningstar — Morningstar
https://www.morningstar.com/news/pr-newswire/20260626ph92356/aes-stockholders-approve-acquisition-by-global-infrastructure-partners-and-eqt-led-consortium
3. European pension funds deepen private market exposure amid liquidity concerns | Noah News — Noah News
https://noah-news.com/european-pension-funds-deepen-private-market-exposure-amid-liquidity-concerns/
4. Luxembourg private funds organised as companies: How to make them fit for purpose? | Loyens & Loeff — Loyens & Loeff
https://www.loyensloeff.com/insights/news--events/news/luxembourg-private-funds-organised-as-companies-how-to-make-them-fit-for-purpose/
5. When the 'Sell' Button Doesn’t Really Mean It: Overcoming the Liquidity Gap in Private Assets - Traders Magazine — Traders Magazine
https://www.tradersmagazine.com/am/when-the-sell-button-doesnt-really-mean-it-overcoming-the-liquidity-gap-in-private-assets/
Follow and rate Infrastructure Secondaries Daily on Apple Podcasts or Spotify. Feedback? Email infrastructure-secondaries-daily@lanternpodcasts.com | |||
| Credit gates and BDC discounts put liquidity stress on tape — June 26, 2026 | 26 Jun 2026 | 00:07:52 | |
Apollo Debt Solutions capped redemptions after requests reached 16.8% of shares, while publicly traded BDCs sit at roughly 25% median discounts to NAV. The allocator signal is shifting from isolated withdrawals to a broader new-money strike and liquidity repricing.
In this episode:
Top stories:
1. Private Credit & Alternatives - Week of June 24, 2026: The Buyer Strike Gets Louder | Matterfact Podcast Newsletter — Matterfact
https://www.matterfact.com/newsletter/2026-06-24-private-credit-buyer-strike
2. Evaluating Private Credit Allocations Is More Nuanced Than One Might Think | The WealthAdvisor — The WealthAdvisor
https://www.thewealthadvisor.com/article/evaluating-private-credit-allocations-more-nuanced-one-might-think
3. Canada's CPP Investments forms joint venture with Indian data center firm CtrlS - DCD — DataCenter Dynamics
https://www.datacenterdynamics.com/en/news/canadas-cpp-investments-forms-joint-venture-with-indian-data-center-firm-ctrls/
4. James Neill Pension Plan completes UK’s second ever capital-backed pension transaction - Pensions Age Magazine — Pensions Age Magazine
https://www.pensionsage.com/pa/James-Neill-Pension-Plan-completes-UK-s-second-ever-capital-backed-pension-transaction.php
Follow and rate Infrastructure Secondaries Daily on Apple Podcasts or Spotify. Feedback? Email infrastructure-secondaries-daily@lanternpodcasts.com | |||
| IFM tops 50% in Atlas Arteria; PSERS shifts $20B to BNY — June 25, 2026 | 25 Jun 2026 | 00:09:58 | |
IFM Investors crossed majority control of Atlas Arteria after lifting its $5.10-a-security bid, giving listed toll roads a live valuation signal for infra secondaries. Railpen’s rejected IP Group approach and PSERS’s $20 billion BNY outsourcing add pension-capital pressure around discounts and mandates.
In this episode:
Top stories:
1. IFM builds Atlas Arteria stake to majority | Financial Standard — Financial Standard
https://www.financialstandard.com.au/news/ifm-builds-atlas-arteria-stake-to-majority-179813010
2. Step Back: If today's concrete signal is IFM moving to majority control of listed toll-road operator Atlas Arteria, how should we read that for private infrastructure secondaries — is a public share price a cleaner benchmark than a fund NAV, or just a different kind of messy signal?
3. IP Group rejects Railpen bid to make it a venture capital manager for pension schemes - QuotedData — QuotedData
https://quoteddata.com/2026/06/ip-group-rejects-railpen-bid-to-make-it-a-venture-capital-manager-for-pension-schemes/
4. PSERS outsources $20 billion in investments to BNY Investments Mellon — The Philadelphia Inquirer
https://www.inquirer.com/business/psers-outsource-investments-teachers-retirement-fund-20260623.html
Follow and rate Infrastructure Secondaries Daily on Apple Podcasts or Spotify. Feedback? Email infrastructure-secondaries-daily@lanternpodcasts.com | |||
| Global secondaries hit $240B as infra activity accelerates — June 24, 2026 | 24 Jun 2026 | 00:05:21 | |
Jefferies pegs 2025 global secondaries volume at $240 billion, up 48%, as stalled exits and 10% NAV distributions push LPs and GPs toward repeat sales, including faster-growing infrastructure secondaries.
In this episode:
Top stories:
1. [PDF] Thriving on volatility - Debevoise — Private Equity International
https://www.debevoise.com/-/media/files/pdf/secondaries-roundtable-26.pdf?rev=0f1dec30f32a4b99bd85027eaf5d2d32&hash=E7B2252217002AAEA825469B8E983C6D
2. Step Back: If the headline today is another H1 secondary-market volume number, who’s actually buying all these infrastructure stakes — dedicated secondaries funds, pensions, sovereign wealth funds — and why would they prefer someone else’s partly seasoned fund interest over just making a fresh investment?
Follow and rate Infrastructure Secondaries Daily on Apple Podcasts or Spotify. Feedback? Email infrastructure-secondaries-daily@lanternpodcasts.com | |||
| LP Secondaries Hit $87B, Pricing Rises to 89% of NAV — June 23, 2026 | 23 Jun 2026 | 00:09:40 | |
LP secondaries reached $87 billion of volume in 2024, with average pricing rising to 89% of NAV, while Setter, Macquarie, ILPA and Preqin frame the next pressure point: infra specialization, GP-led governance, and buyer capital capacity.
In this episode:
Top stories:
1. [PDF] Volume Report H1 2025 - Setter Capital — Setter Capital
https://settercapital.com/media/reports/Setter_Capital_Volume_Report_H1_2025.pdf
2. [PDF] Perspectives - Infrastructure secondaries specialisation can unlock ... — Macquarie Asset Management
https://www.macquarie.com/assets/macq/mam/insights/2025/infrastructure-secondaries-specialisation-can-unlock-opportunities/infrastructure-secondaries-specialisation-can-unlock-opportunities.pdf
3. [PDF] GP-led Secondary Fund Restructurings | ILPA — Institutional Limited Partners Association
https://ilpa.org/wp-content/uploads/2019/04/ILPA-Guidance-on-GP-Led-Secondary-Fund-Restructurings-Apr-2019-FINAL.pdf
4. [PDF] Blossoming New Era of Secondaries | Commonfund — Commonfund
https://www.commonfund.org/hubfs/01%20CF%20Private%20Equity/05-Insights/2025/2025-0305-Blossoming-New-Era/Blooming-New-Era-in-Secondaries.pdf
5. [PDF] Secondaries in 2025 — Preqin
https://assets.ctfassets.net/zf87m07ner47/LS92RoMNZNsVMMoyMGoOE/b6f5cf3319cd0c18a6b1f12a47190172/Secondaries_in_2025.pdf
Follow and rate Infrastructure Secondaries Daily on Apple Podcasts or Spotify. Feedback? Email infrastructure-secondaries-daily@lanternpodcasts.com | |||
| Jefferies puts H1 secondary volume at $103B — June 22, 2026 | 22 Jun 2026 | 00:11:10 | |
Jefferies H1 2025 secondary market review puts global volume at $103 billion and average LP-portfolio pricing at 90% of NAV, with Morgan Lewis and StepStone context on GP-led continuation vehicles and infrastructure secondaries.
In this episode:
Top stories:
1. [PDF] H1 2025 Global Secondary Market Review - Jefferies — Jefferies
https://www.jefferies.com/wp-content/uploads/sites/4/2025/08/Jefferies-Global-Secondary-Market-Review-July-2025.pdf
2. campbell-lutyens-1h-2025-secondary-market-overview-report.pdf — Campbell Lutyens
https://campbell-lutyens.com/media/ebqh4vpv/campbell-lutyens-1h-2025-secondary-market-overview-report.pdf
3. Continuation Vehicles and Coinvestments — Morgan, Lewis & Bockius LLP
https://www.morganlewis.com/-/media/files/publication/presentation/seminar/2025/hedge-fund-conference/continuation-vehicles-and-coinvestments.pdf?rev=c05d2aa88f284c44b4ce05ac484bc528&hash=7C9067EB342CB90F5CC27AE06DEA4A91
4. [PDF] Impact of New SEC Rule on Valuation & Conflicts of Interest — Standards Board for Alternative Investments
https://www.sbai.org/static/fc7432d0-67c4-4363-9001abbc7d45dec3/GP-Led-Secondaries-Impact-on-Valuations-and-Conflicts-of-Interest.pdf
5. [PDF] Fundamentals of infrastructure secondaries - FS Super — FS Super
https://media.fssuper.com.au/prod/media/library/FS_Super/Volume_16/FS_Super_Fundamentals_of_infrastructure_secondaries-0001.pdf
Follow and rate Infrastructure Secondaries Daily on Apple Podcasts or Spotify. Feedback? Email infrastructure-secondaries-daily@lanternpodcasts.com | |||
| GCP Infrastructure’s RCF drops to £10m as discount narrows — June 19, 2026 | 19 Jun 2026 | 00:06:15 | |
GCP Infrastructure is using capital recycling to narrow its discount, targeting £150m of disposals, at least £50m returned to shareholders, and an RCF balance reduced to £10m.
In this episode:
Top stories:
1. GCP Infrastructure - Substantive progress - QuotedData — QuotedData
https://quoteddata.com/research/gcp-infrastructure-substantive-progress-qd
2. Step Back: When someone says an infrastructure stake sold at, say, a 10% discount to NAV, what is that NAV actually based on in a private fund — and how much confidence should we have in it when the roads, data centers, or power assets aren’t trading every day?
Follow and rate Infrastructure Secondaries Daily on Apple Podcasts or Spotify. Feedback? Email infrastructure-secondaries-daily@lanternpodcasts.com | |||
| GP-led continuation funds hit $108B as fairness checks face scrutiny — June 18, 2026 | 18 Jun 2026 | 00:07:35 | |
Coller Capital says GP-led continuation-fund volume reached $108 billion in 2025, up from $77 billion, while the governance question remains whether fairness opinions, LPAC review, and buyer pricing really protect selling LPs.
In this episode:
Top stories:
1. GP-Led secondaries in 2025: A record-breaking year — Coller Capital
https://www.youtube.com/watch?v=MMbzfYxyFZQ
2. Step Back: When a GP-led continuation vehicle lets fund investors either cash out or roll over, who actually checks that the price is fair — and what keeps it from becoming a case of the manager grading its own homework?
Follow and rate Infrastructure Secondaries Daily on Apple Podcasts or Spotify. Feedback? Email infrastructure-secondaries-daily@lanternpodcasts.com | |||
| LP Secondaries Hit $87B as Pricing Climbs to 89% of NAV — June 16, 2026 | 16 Jun 2026 | 00:16:41 | |
Commonfund’s secondaries paper cites $87 billion of 2024 LP secondary volume and average pricing at 89% of NAV, while Setter and ILPA materials frame the harder question for infrastructure desks: how private-market volume is counted, and where GP-led conflicts sit.
In this episode:
Top stories:
1. [PDF] Volume Report H1 2025 - Setter Capital — Setter Capital
https://settercapital.com/media/reports/Setter_Capital_Volume_Report_H1_2025.pdf
2. Step Back: When a Jefferies, Setter or Campbell Lutyens report says infrastructure secondaries traded at a certain volume or discount, how are those private deals actually being counted — and why might the headline numbers differ from one report to another?
3. [PDF] GP-led Secondary Fund Restructurings | ILPA — Institutional Limited Partners Association
https://ilpa.org/wp-content/uploads/2019/04/ILPA-Guidance-on-GP-Led-Secondary-Fund-Restructurings-Apr-2019-FINAL.pdf
4. [PDF] Blossoming New Era of Secondaries | Commonfund — Commonfund
https://www.commonfund.org/hubfs/01%20CF%20Private%20Equity/05-Insights/2025/2025-0305-Blossoming-New-Era/Blooming-New-Era-in-Secondaries.pdf
5. [PDF] Private equity secondaries market set for more growth after record year — Pantheon
https://www.pantheon.com/wp-content/uploads/2025/04/From-Strength-to-Strength-Private-Equity-Secondaries.pdf
Follow and rate Infrastructure Secondaries Daily on Apple Podcasts or Spotify. Feedback? Email infrastructure-secondaries-daily@lanternpodcasts.com | |||
| Jefferies: Secondaries Hit $103B, LP Pricing at 90% of NAV — June 15, 2026 | 15 Jun 2026 | 00:10:56 | |
Jefferies’ H1 2025 Global Secondary Market Review puts first-half volume at $103 billion, up 51% year over year, with LP portfolios averaging 90% of NAV. The through-line: liquidity demand kept rising while GP-led continuation vehicles scaled across private markets.
In this episode:
Top stories:
1. H1 2025 Global Secondary Market Review - Jefferies.com — Jefferies
https://www.jefferies.com/wp-content/uploads/sites/4/2025/08/Jefferies-Global-Secondary-Market-Review-July-2025.pdf
2. [PDF] Global Secondary Market Review - Jefferies — Jefferies
https://www.jefferies.com/wp-content/uploads/sites/4/2025/02/Jefferies-Global-Secondary-Market-Review-January-2025.pdf
3. [PDF] Continuation Vehicles and Coinvestments - Morgan Lewis — Morgan Lewis & Bockius LLP
https://www.morganlewis.com/-/media/files/publication/presentation/seminar/2025/hedge-fund-conference/continuation-vehicles-and-coinvestments.pdf?rev=c05d2aa88f284c44b4ce05ac484bc528&hash=7C9067EB342CB90F5CC27AE06DEA4A91
4. [PDF] Fundamentals of infrastructure secondaries - FS Super — FS Super
https://media.fssuper.com.au/prod/media/library/FS_Super/Volume_16/FS_Super_Fundamentals_of_infrastructure_secondaries-0001.pdf
5. [PDF] Impact of New SEC Rule on Valuation & Conflicts of Interest — Standards Board for Alternative Investments
https://www.sbai.org/static/fc7432d0-67c4-4363-9001abbc7d45dec3/GP-Led-Secondaries-Impact-on-Valuations-and-Conflicts-of-Interest.pdf
Follow and rate Infrastructure Secondaries Daily on Apple Podcasts or Spotify. Feedback? Email infrastructure-secondaries-daily@lanternpodcasts.com | |||
| Partners Group Hits $650M First Close for Real Estate Secondaries — June 12, 2026 | 12 Jun 2026 | 00:08:02 | |
Partners Group secured $650 million for its fifth real estate secondaries strategy, targeting $1.5 billion across a closed-end fund, bespoke mandates and related vehicles as real estate LP liquidity remains tight.
In this episode:
Top stories:
1. Partners Group secures $650m for new real estate secondaries strategy | News | Real Assets — IPE staff 11 June 2026
https://realassets.ipe.com/news/partners-group-secures-650m-for-new-real-estate-secondaries-strategy/10137208.article
2. Step Back: When a firm says it’s raising a real-assets or infrastructure “secondaries” fund, what is it actually buying — LP stakes, continuation-vehicle interests, direct asset exposure — and why does that mix change what listeners should infer from a headline fundraising number?
Follow and rate Infrastructure Secondaries Daily on Apple Podcasts or Spotify. Feedback? Email infrastructure-secondaries-daily@lanternpodcasts.com | |||
| BCI Says Single-Asset CVs Are 20–30% of Its Deal Flow — June 11, 2026 | 11 Jun 2026 | 00:14:08 | |
BCI says single-asset continuation vehicles now make up 20% to 30% of its private-equity deal flow, up from 5% two years ago, as Westfield seeks secondary exposure and advisers expand GP-led real estate coverage.
In this episode:
Top stories:
1. Westfield Retirement Board launches secondary market RFP — Headlines Briefing
https://headlinesbriefing.com/private-markets/pe-international/westfield-retirement-board-launches-secondary-market-rfp-49d9df95
2. Step Back: When a big investor sells an infrastructure stake on the secondary market, what actually determines whether it trades at a discount or premium to NAV — buyer return targets, debt costs, appraisals, transfer rights, or something else?
3. BCI launches Capital Solutions Group to bankroll GPs through liquidity drought — Private Equity Insights
https://peinsights.substack.com/p/bci-launches-capital-solutions-group
4. LPs Shift from Secondaries to Continuation Vehicles Amid ... — HeadlinesBriefing
https://headlinesbriefing.com/private-markets/secondaries-investor/lps-shift-from-secondaries-to-continuation-vehicles-amid-return-concerns-fe0f7535
5. Houlihan Lokey Expands GP-Led Secondaries Capabilities into Real Estate With Senior Hire in Capital Solutions Group — Business Wire
https://investor.wedbush.com/wedbush/article/bizwire-2026-6-4-houlihan-lokey-expands-gp-led-secondaries-capabilities-into-real-estate-with-senior-hire-in-capital-solutions-group
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