04 │ Transaction pricing analysis: GP-led transactions

More than half of GP-led transactions priced at par or better, buoyed by stable macro conditions and high-quality assets.

Average GP-led transaction pricing reported by respondents, by period¹

  • GP-led pricing broadly increased over the first half of 2024, with 51% of transaction volume seeing pricing at or above par, relative to just 29% in FY 2023.
  • Pricing improved due to a combination of robust asset performance, portfolio companies continuing to grow into their valuations, and top-tier assets being offered for continuation vehicles.
  1. Weighted by transaction value (purchase price plus unfunded) per respondent

Single-asset transactions drove improved pricing as the combination of star assets, GP alignment, and rationale were recognized by buyers.

GP-led transaction pricing in H1 2024 by type of transaction¹

  • Approximately 65% of single-asset transactions priced at par or better, compared to 22% of multi-asset continuation funds. Single-asset continuation funds priced at an average discount of 4.0% of NAV compared to 11.8% for multi-asset continuation vehicles.
  • Multi-asset continuation funds tend to have lower pricing due to their diversified exposure which typically includes investments that are mixed in quality, while single-asset transactions are concentrated bets in top-performing assets.
  1. Weighted by transaction value (purchase price plus unfunded) per respondent

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