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.

$552M

in committed capital¹

18

investments

23 Secondaries investing

Secondary investing has historically been known for solution-oriented capital and this also is true with General partner (GP)-led transactions. Our investment in GP-led secondary transactions can help sponsors achieve liquidity for limited partners 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 limited partners 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.

Meet the team

Meet our secondaries team

Learn more

Important information

Data as of December 31, 2023.

1 Represents investments made by the Secondaries Team on behalf of the Manulife investors since inception of the secondaries program in 2020.