Secondaries

We invest in GP-Led secondary transactions— the fastest growing segment of the secondary market—enabling sponsors to extend ownership of high-performing companies, secure new capital for growth initiatives, and create fund-level liquidity for LPs.

  • $500M

    in capital deployed by 2021

  • 22 years

    of co-heads working together

  • 6

    dedicated investment professionals

Secondaries investing

Secondary investing has historically been known for solution-oriented capital and this also is true with GP-Led transactions. Our investment in GP-Led secondary transactions can help sponsors achieve liquidity for LPs while extending holding periods of companies, resetting fund economics, and procuring new capital commitments for company-level growth initiatives. The transaction format can vary but the desired outcome is clear – sponsors maintain control of good assets and LPs are offered a liquidity option for older assets. We seek to support transactions with the following characteristics:

  • Assets

    Stability and growth of revenue and profits, clear value proposition and market positioning, and favorable industry and competitive dynamics, all pointing toward multiple paths to a successful outcome

  • Sponsor

    Stable platform, relevant operational and industry expertise, demonstrated track record, and a clear value-creation plan for each asset

  • Deal dynamics

    Existence of potential price arbitrage, information or relationship advantage, good co-investors, challenging underwriting complexity or timeline

  • Alignment

    GP with meaningful capital at risk including rolled participation but often new capital; incentive structure that tries to ensure GP behavior benefits both the new secondary investors as well as the GP

Why partner with Manulife Investment Management?

  • We’re solution-oriented capital reacting to fundamental market changes

    Our GP-Led focus aligns with sponsors’ use of secondary capital to own good companies longer, access new growth capital, consolidate ownership, and provide early liquidity options to LPs.

  • We bolster our relationship with sponsors, providing full lifecycle solutions

    Our capability as a primary fund allocator positions the firm positively with sponsors, thereby increasing our privileged access and exposure to GP-Led opportunities in the secondary markets.

  • We leverage our GP relationships and desirability as a partner

    Our sourcing, underwriting, and access are enhanced by long-standing GP relationships, broad exposure to the private markets, and Manulife Investment Management’s commitment to its partners.

All information as of December 31, 2020, unless otherwise noted. All dollar amounts are in USD and may be rounded to the nearest million.