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Continuation funds are expected to become increasingly prominent as a liquidity option for GPs in the coming years, even as the outlook for private equity exits slowly improves.
The deal involves transferring an asset to a continuation fund managed by TRP Capital, a lower mid-market player with no prior engagement in GP-led secondaries
Last year was another one for the secondaries record books as both GPs and LPs seem to be hungry for liquidity and alpha in the challenged private equity markets.
Market players say they expect more secondary buyers to see eye-to-eye with sellers on asset values, unclogging deal flow this year
Once used to sell off zombie funds or badly underperforming assets, a growing number of continuation funds are being launched around high-performing trophy assets that aren’t currently fetching their proper valuation.
Energy tech-focused private equity firm GEC has completed a $215m continuation fund for its portfolio company Estis, with Kline Hill Partners the sole lead secondaries buyer among a consortium of institutional investors.
Infrastructure and real assets accounted for around 9% of estimated total volume in the first half, according to Greenhill & Co’s latest volume survey.
The deal led by Kline Hill will enable co-investors to sell their stakes in Estis, a provider of high-pressure artificial-lift services to oil-and-gas companies
Mid-market GP-led transactions are having a moment, but what is driving activity in this space, and is it expected to last?