Potential benefits of secondaries
A key potential benefit of a private equity strategy focused on secondaries is its potential to provide an enhanced liquidity profile compared to a primary-focused strategy. Because secondary investors enter after the investment period is complete, the underlying portfolio is much closer to the point of realization. This typically allows investors to mitigate the J-curve and shorten the duration of their investment.
Pomona enhanced liquidity
Pomona typically purchases seasoned funds well into their 10-year life cycle whose commitments are 70–90% called. Pomona manages the Pomona Investment Fund (PIF) portfolio to receive cash distributions as the more mature assets are realized, while also adding younger assets to the portfolio that are expected to enter the growth phase. This maturity profile has led to an enhanced liquidity profile and, in our view, puts PIF in a strong position to comfortably meet its outstanding commitments and to nimbly respond to new investment opportunities.
27% Average annual portfolio liquidity1 (as % of NAV)
8% Average annual distribution2,3 to shareholders (as % of NAV)
Notable liquidity events
Below is a list of articles that discuss companies that were recently liquidated from the fund. Please refer to the recent headlines and corresponding links below for more information on these liquidity events.
Genstar To Buy Majority Stake In First Eagle From Blackstone, Corsair
Genstar Capital will buy a majority stake in investment management firm First Eagle Investments through funds it owns. The transaction is expected to close in the second half of 2025.
Funds controlled by Blackstone and Corsair, along with certain co-investors, have owned a majority of First Eagle Investments’ parent firm First Eagle Holdings since 2015, the companies said. First Eagle’s founding families, as well as current and former employees, own the rest
Secondaries at Goldman Sachs Alternatives served as the lead investor in AKKR Isosceles CV LP, with participation from various other institutional investors. AKKR Strategic Capital LP, the $2.2 bIn the transaction, private equity funds managed by Genstar will buy a majority stake in First Eagle from Blackstone, Corsair and their co-investors, the firms said.
The transaction is expected to aid in First Eagle’s organic and inorganic growth and expand its range of investment solutions. Its leadership and investment teams will remain intact, according to a news release.
GCL Announces Strategic Controlling Investment from Providence Equity Partners
GCL, a global player in live events and luxury goods specialty logistics, announced a strategic investment from Providence Equity Partners, L.L.C, a private equity firm with significant experience investing in and supporting the growth of companies in the entertainment and media sectors.
Providence will become the majority shareholder of GCL, and ATL Partners, the current majority owner, will retain a minority equity stake in the Company. GCL will continue to be led by President and CEO Daniel Rosenthal, with global headquarters in New York. Financial terms of the transaction were not disclosed, and the transaction is subject to customary closing conditions.
Founded in 1978, GCL is a mission-critical logistics provider in its sectors, operating in the service-sensitive live events and luxury goods end markets through a roster of brands including Rock-it Cargo, DIETL, and CARS. Completing more than 10,000 projects per year in over 160 countries, GCL enables some of the world’s most iconic moments including coveted live music tours, global mega-events and tournaments, sports broadcasting, film and television production, and experiential events. As an example of its capabilities, Rock-it Cargo recently entered into a multi-year partnership as the Official Logistics Provider of the FIFA World Cup 2026 and the new FIFA Club World Cup starting next month. GCL also is a global partner in transporting, storing, and protecting its customers’ most prized possessions, from storied fine art collections at auction houses, galleries, museums, and art fairs, to luxury vehicles used in car shows, rallies, or on tracks around the world.
International private equity firm, Cinven, announced it has agreed to sell Viridium Group to a consortium comprising Allianz, BlackRock, T&D Holdings, Hannover Re, and Generali Financial Holdings.
With €67bn of assets under management, 3.4m policies and about 900 highly specialized employees, Viridium is a leading life insurance consolidator, making existing life policies more attractive and creating tangible value for its customers and shareholders.
Since the Cinven Funds’ investment, Cinven’s Financial Services Sector team and DACH Regional team have continued to partner closely together to drive considerable investment in, and growth at, the Company, that has since been renamed Viridium Group, reflecting the evolution of the business. Working closely with the management team, Cinven executed an ambitious growth plan that included acquiring Skandia, Entis and Proxalto, formerly Generali Leben. It developed a highly effective platform to position the Company for continued leadership in the European life insurance market.
Kelso completes sale of Accession to Brown & Brown for $9.83bn
Kelso & Company, L.P., a North American-focused middle-market private equity firm, has completed the sale of its portfolio company Accession Risk Management Group to Brown & Brown in a primarily cash transaction valued at approximately $9.83 billion.
Initially announced in June 2025, the deal is one of the largest full private equity exits in insurance brokerage history.
Kelso partnered with Accession in 2015 to transform it from a regional retail broker into a premier national insurance distribution platform. Under Kelso’s ownership, Accession expanded through strong organic growth and more than 180 acquisitions, growing revenue from $130 million to $1.7 billion, and its workforce from 500 to approximately 5,500 professionals.
EQT to sell Acumatica to Vista Equity Partners, following transformational growth journey
EQT is pleased to announce that the EQT VII fund has agreed to sell Acumatica to Vista Equity Partners. The transaction marks a significant milestone in Acumatica’s growth journey, following its transformation since EQT’s initial investment in 2019.
Cloud-first business management solutions are benefiting from the growing adoption of cloud technologies among small and mid-sized enterprises seeking to improve operational efficiency, enhance decision-making, and accelerate growth. Born in the cloud in 2008, Acumatica is committed to helping these businesses achieve enduring growth and efficiency, from launching new ventures to scaling existing operations. Acumatica empowers organizations to connect systems, processes, and people with a flexible, AI-powered and intuitive suite of solutions.
Since EQT’s initial investment in 2019, Acumatica has built a strong reputation for delivering impactful business solutions, powered by a broad ecosystem of partners and customers. The Company has achieved transformational and profitable growth, increasing headcount by more than 3x, scaling revenue by 7x, and expanding its global reach, customer base, and product innovation capabilities. Today, Acumatica serves more than 10,000 customers worldwide through ingrained VAR, OEM, and alliance partner relationships. The Company’s offerings span new and existing industry verticals including distribution, manufacturing, construction, retail, and professional services. Its comprehensive AI-powered solutions help address industry-specific challenges with tailored functionality, robust automation, and enriched data insights
Risk of investing Discussed below are the investments generally made by Investment Funds and the principal risks that the Adviser and the Fund believe are associated with those investments and with direct investments in operating companies. These risks will, in turn, have an effect on the Fund. In response to adverse market, economic or political conditions, the Fund may invest in investment grade fixed income securities, money market instruments and affiliated or unaffiliated money market funds or may hold cash or cash equivalents for liquidity or defensive purposes, pending investment in longer-term opportunities. In addition, the Fund may also make these types of investments pending the investment of assets in Investment Funds and Co-Investment Opportunities or to maintain the liquidity necessary to effect repurchases of Shares. When the Fund takes a defensive position or otherwise makes these types of investments, it may not achieve its investment objective. The value of the Fund’s total net assets is expected to fluctuate in response to fluctuations in the value of the Investment Funds, direct investments and other assets in which the Fund invests. An investment in the Fund involves a high degree of risk, including the risk that the Shareholder’s entire investment may be lost. The Fund’s performance depends upon the Adviser’s selection of Investment Funds and direct investments in operating companies, the allocation of offering proceeds thereto, and the performance of the Investment Funds, direct investments, and other assets. The Investment Funds’ investment activities and investments in operating companies involve the risks associated with private equity investments generally. Risks include adverse changes in national or international economic conditions, adverse local market conditions, the financial conditions of portfolio companies, changes in the availability or terms of financing, changes in interest rates, exchange rates, corporate tax rates and other operating expenses, environmental laws and regulations, and other governmental rules and fiscal policies, energy prices, changes in the relative popularity of certain industries or the availability of purchasers to acquire companies, and dependence on cash flow, as well as acts of God, uninsurable losses, war, terrorism, earthquakes, hurricanes or floods and other factors which are beyond the control of the Fund or the Investment Funds. Unexpected volatility or lack of liquidity, such as the general market conditions that prevailed in 2008, could impair the Fund’s performance and result in its suffering losses. The value of the Fund’s total net assets is expected to fluctuate. To the extent that the Fund’s portfolio is concentrated in securities of a single issuer or issuers in a single sector, the investment risk may be increased. The Fund’s or an Investment Fund’s use of leverage is likely to cause the Fund’s average net assets to appreciate or depreciate at a greater rate than if leverage were not used. The Fund is a non-diversified, closed-end management investment company with limited performance history that a Shareholder can use to evaluate the Fund’s investment performance. The Fund may be unable to raise substantial capital, which could result in the Fund being unable to structure its investment portfolio as anticipated, and the returns achieved on these investments may be reduced as a result of allocating all of the Fund’s expenses over a smaller asset base. The initial operating expenses for a new fund, including start-up costs, which may be significant, may be higher than the expenses of an established fund. The Investment Funds may, in some cases, be newly organized with limited operating histories upon which to evaluate their performance. As such, the ability of the Adviser to evaluate past performance or to validate the investment strategies of such Investment Funds will be limited. In addition, the Adviser has not previously managed the assets of a closed-end registered investment company. Closed-End Fund; Liquidity Risks. The Fund is a non-diversified closed-end management investment company designed principally for long-term investors and is not intended to be a trading vehicle. An investor should not invest in the Fund if the investor needs a liquid investment. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) in that investors in a closed-end fund do not have the right to redeem their shares on a daily basis at a price based on net asset value. |