Category: 3. Business

Consistent performance

Historically, secondary vintages have delivered higher median returns than other private-markets strategies, with significantly lower dispersion across funds’ net IRRs (Exhibit 3). 

Much of that stability stems from the very architecture of the asset class. Features such as accelerated distributions, informational advantages that tilt selection toward stronger assets and managers, as well as diversification across seasoned, partially de-risked holdings act as natural stabilisers. 

The rise of GP-led transactions

Within the secondaries market, GP-led transactions have expanded over recent years, growing from 24% of volumes in 2012 to nearly half today (Exhibit 4). Their rapid growth reflects strong buyer demand and their increased use by sponsors, with rising numbers of leading GPs bringing higher-quality assets to market. 

At a time when IPOs, strategic trade and sponsor-to-sponsor exits have become more constrained, GP-led deals are providing managers with valuable realisation optionality. 

However, their rapid adoption also points to a broader structural evolution, with GP-led deals now serving as a routine mechanism for extending ownership and optimising investment outcomes. These transactions allow GPs to realise further value creation potential by lengthening investment horizons of their best assets and avoiding selling to a competitor.

This shift has made single- and multi-asset transactions a defining feature of today’s opportunity set. Three-quarters of leading GPs have now completed deals, and transaction sizes are trending larger.² Continuation vehicles, in particular, have emerged as the structure of choice, offering sponsors flexibility to extend ownership of prized companies, rebalance portfolios and deliver interim liquidity to LPs. 

For investors, the transactions represent a compelling opportunity within the secondaries market, they provide investors with concentrated stakes in seasoned assets managed by top-tier sponsors. The growing interest in the market is therefore unsurprising. A recent survey indicates that investors now target higher returns from GP-led single-asset transactions (Exhibit 5), underscoring why these are among the most sought-after deals in the secondaries market. 

Conclusion

Secondaries have become a core component of a private-markets allocation, powered by structural demand and enabled by an innovative and dynamic marketplace more than two decades in the making.

Their enduring appeal lies not in cyclical dynamics, but in a durable set of advantages that continue to resonate with investors. This includes a unique combination of strategic flexibility, accelerated distributions, enhanced access and selectivity, consistent returns and the maturing GP-led market.

Record deployment testifies to their growing centrality. With investors requiring greater flexibility, liquidity visibility and diversification, secondaries are playing an increasingly integral role in modern portfolio strategies.

Important Notice to Recipients:

This confidential document (this “Confidential Document”) is being communicated to a limited number of sophisticated persons (each, a “Recipient”) by CVC, as defined below for information purposes only. THIS CONFIDENTIAL DOCUMENT IS NOT INTENDED TO FORM THE BASIS OF ANY INVESTMENT DECISION AND MAY NOT BE USED FOR AND DOES NOT CONSTITUTE AN OFFER TO SELL, OR A SOLICITATION OF ANY OFFER TO SUBSCRIBE FOR OR PURCHASE ANY INTERESTS OR TO ENGAGE IN ANY OTHER TRANSACTION.

Nothing contained herein shall be deemed to be binding against, or to create any obligations or commitment on the part of, the addressee nor any of CVC Capital Partners plc, Clear Vision Capital Fund SICAV-FIS S.A, each of their respective successors or assigns and any form of entity which is controlled by, or under common control with CVC Capital Partners plc or Clear Vision Capital Fund SICAV-FIS S.A. (from time to time the “CVC Entities“ or “CVC” and each a “CVC Entity”). For the purpose of the foregoing definitions, control includes the power to (directly or indirectly and whether alone or with others) appoint or remove a majority of an entity’s directors or its general partner, manager, adviser, trustee, founder, guardian, beneficiary or other management officeholder) and controlled and controlling shall be interpreted accordingly. No CVC Entity undertakes to provide the addressee with access to any additional information or to update this Confidential Document or to correct any inaccuracies herein which may become apparent. This Confidential Document is not intended for distribution, and shall not be distributed, in any jurisdiction where such distribution would violate applicable securities laws.

Certain information contained herein (including certain forward-looking statements, financial, economic and market information) has been obtained from a number of published and non-published sources prepared by other parties and companies, which may not have been verified and in certain cases has not been updated through the date hereof. While such information from other parties and companies is believed to be reliable for the purpose used herein, no member of CVC, any of their respective affiliates or any of their respective directors, officers, employees, members, partners or shareholders assumes any responsibility for the accuracy or completeness of such information. Certain economic, financial, market and other data and statistics produced by governmental agencies or other sources set forth herein or upon which the CVC’ analysis and decisions rely may prove inaccurate.

Nothing contained herein shall constitute any assurance, representation or warranty and no responsibility or liability is accepted by CVC or its affiliates as to the accuracy or completeness of any information supplied herein or any assumptions on which such information is based. Further, this Confidential Document reflects only the views of CVC with respect to private equity markets and other market participants may hold different views or opinions. Accordingly, each Recipient should conduct their own independent due diligence and not rely on any statement or opinion offered herein.

In addition, no responsibility or liability or duty of care is or will be accepted by CVC or its respective affiliates, advisers, directors, employees or agents for updating this Confidential Document (or any additional information), or providing any additional information to you.

Accordingly, to the fullest extent possible and subject to applicable law, none of CVC or its affiliates and their respective shareholders, advisers, agents, directors, officers, partners, members and employees shall be liable (save in the case of fraud) for any loss (whether direct, indirect or consequential), damage, cost or expense suffered or incurred by any person as a result of relying on any statement in, or omission from, this Confidential Document. 

1 Jefferies, Global Secondary Market Review, July 2025.
2 Jefferies, Global Secondary Market Review, July 2025.

This article first appeared on GuruFocus.

Wedbush recently published a short list of tech names it favors into year-end, spotlighting Microsoft (NASDAQ:MSFT) and Nvidia (NASDAQ:NVDA) as core holdings, according to a Tuesday note from the firm.

Analyst Dan Ives said the moves do not signal an AI bubble but reflect durable demand for chips, cloud services and security tools as firms scale AI. He pointed to continued capital spending and enterprise deployments as the backdrop for the call.

The research note names ten stocks investors should watch: Advanced Micro Devices (NASDAQ:AMD), Alphabet (GOOGL), Apple (AAPL), CrowdStrike (NASDAQ:CRWD), Meta Platforms (NASDAQ:META), Microsoft (NASDAQ:MSFT), Nvidia (NASDAQ:NVDA), Palantir (NASDAQ:PLTR), Palo Alto Networks (NASDAQ:PANW) and Tesla (NASDAQ:TSLA).

Wedbush said it expects resilient earnings momentum into next year but warned investors to weigh froth in certain segments.

The call reinforces the firm’s bullish stance on tech while acknowledging near-term volatility and valuation risks.

As detailed above, we found that Prosapip1 neuronal knockout mice have deficits in LTP in the dHP, and LTP is the hallmark of learning and memory (Bliss and Collingridge, 1993; Frey and Morris, 1998; Collingridge et al., 2004). We also found that global neuronal knockout and dHP-specific knockout of Prosapip1 results in deficits in spatial learning and memory. Specifically, we showed that Prosapip1 in the dHP is required for normal performance in the novel object recognition, novelty T-maze, 3-chamber social interaction, and Barnes maze tests, which all require a unique form of learning and memory (Davis et al., 1992; Broadbent et al., 2010; Barker and Warburton, 2011; Rosenfeld and Ferguson, 2014; Lueptow, 2017; Pitts, 2018; Sánchez-Rodríguez et al., 2022). The novel object recognition test is primarily examining recognition memory, and with an inter-trial interval of 24 hr, specifically long-term memory (Broadbent et al., 2010; Barker and Warburton, 2011; Antunes and Biala, 2012; Lueptow, 2017; Cinalli et al., 2020). The novelty T-maze focuses on both spatial learning and memory, and with its short, 1 min inter-trial interval, this procedure is examining spatial working memory (Sharma et al., 2010; d’d’Isa et al., 2021). The 3-chamber social interaction test is assessing baseline sociability and also social recognition memory (Meira et al., 2018; Tzakis and Holahan, 2019; Wang and Zhan, 2022; Cope et al., 2023; Wei et al., 2024). Finally, the Barnes maze tests both spatial learning and working memory in intra-day trials, while simultaneously testing long-term contextual and spatial memory in inter-day trials and the probe test (Bach et al., 1995; Sharma et al., 2010; Rosenfeld and Ferguson, 2014; Pitts, 2018). Interestingly, loss of hippocampal LTP has been shown to impair spatial, but not contextual memory in the Barnes maze (Bach et al., 1995). As presented here, Prosapip1 knockout mice significantly reduced distance traveled to exit but did not switch to spatial searching. In this example, Prosapip1 knockout mice are retaining the contextual understanding of escaping the platform but do not recall the spatial location of the exit. Additionally, the link between NMDAR function and learning and memory is well established (Newcomer et al., 2000; Li and Tsien, 2009). For example, blockage of hippocampal NMDA receptors impairs spatial learning in rats (Davis et al., 1992; Bye and McDonald, 2019). Prosapip1 is therefore likely controlling the reinforcement of learning and memory by PSD scaffolding, stabilization, and GluN2B synaptic localization, leading to LTP.

We observed that Prosapip1 knockout specifically in the dHP replicated the recognition, social, and spatial learning and memory deficits exhibited by the global neuronal knockout mice, suggesting that Prosapip1 is controlling these learning and memory processes specifically in the dHP. The dHP primarily controls memory formation and recall (Eichenbaum, 1997; Broadbent et al., 2004; Squire et al., 2004; Pilly and Grossberg, 2012). We found that LTP in the CA1 subregion of the dHP was reliant on Prosapip1. The CA1 subregion is critically involved in contextual memory, object recognition memory, and spatial memory (Tsien et al., 1996; Lee and Kesner, 2004; Daumas et al., 2005; Sanderson et al., 2009; Sharma et al., 2010; Stevenson et al., 2018; Bye and McDonald, 2019; Cinalli et al., 2020; Jeong and Singer, 2022). Loss of Prosapip1 in CA1 is likely leading to decreased performance in the novel object recognition, novelty T-maze, and Barnes maze tests. The lack of social recognition displayed by Prosapip1(fl/fl);Syn1-Cre(+) mice and AAV-Cre-infected mice is likely attributed to the loss of Prosapip1 in the CA2 subregion of the dHP, which is the primary subregion controlling social recognition memory (Meira et al., 2018; Tzakis and Holahan, 2019; Wang and Zhan, 2022; Cope et al., 2023; Wei et al., 2024). Specifically, silencing the CA2 subregion of the dHP impairs social memory formation and consolidation (Meira et al., 2018). However, the CA3 and DG subregions of the dHP are also involved in spatial and contextual memory (Broadbent et al., 2004; Lee and Kesner, 2004; Daumas et al., 2005). As our conditional knockout strategy resulted in Prosapip1 deletion from the whole dHP, further studies are required to dissect the subregion specificity of the contribution of Prosapip1 to recognition, social, and spatial learning and memory processes.

Memory consists of three primary processes: encoding, consolidation, and retrieval (Straube, 2012). In this study, the defect in memory function is likely due to a failure to encode new information (Bye and McDonald, 2019) or consolidate this ‘short-term’ into ‘long-term’ memory (Yang et al., 2022). The spatial T-maze experiment utilized a short inter-trial interval of 1 min, which requires working spatial memory (Sharma et al., 2010), and Prosapip1 knockout mice exhibited a failure to encode new information. Similarly, the Barnes maze training trials were separated by an inter-trial interval of 30 min, but Prosapip1 knockout mice did not acquire spatial memory between training trials, nor during the longer consolidation periods between days, again implying a failure to encode spatial information or consolidate this information. The lack of synaptic localization of GluN2B is likely underlying the loss of memory encoding or consolidation (Nachtigall et al., 2024). It is unlikely that NMDAR dysfunction is affecting the retrieval of memory, as studies have exhibited rats’ ability to use previously acquired spatial information during NMDAR blockage (Bast et al., 2005; Mackes and Willner, 2006; Bye and McDonald, 2019).

Prosapip1 belongs to the Fezzin family of proteins (Wendholt et al., 2006). It is important to note that other Fezzins do not compensate for the loss of Prosapip1 in the dHP. Knockout of other Fezzins, like PSD-Zip70, also leads to cognitive deficits (Mayanagi et al., 2015). However, these deficits were attributed to the action of PSD-Zip70 in the PFC. Therefore, one could hypothesize that proteins in this family enact their function in specific brain subregions.

In summary, Prosapip1 in the dorsal hippocampus is integral to the synaptic localization of SPAR, PSD-95, and GluN2B, which are required for the formation of LTP and subsequent spatial learning and memory behavior. Abnormalities with PSD proteins are associated with neuropsychiatric disorders (Kaizuka and Takumi, 2018), and further unraveling of the physiological role of Prosapip1 may unlock insights into normal and abnormal mechanisms of learning and memory.

Cities are on the front line of climate impacts. They are home to most of the world’s population and economic activity and generate the majority of global emissions. Yet they’re also hubs of innovation and implementation, putting them at the center of efforts to tackle the climate crisis and accelerate the transition to a low-carbon, resilient economy. But, when it comes to climate action, much of the attention focuses on the role of national governments, while the essential role of collaboration among city, regional and national governments is often overlooked.

From transportation and housing to energy and waste, what happens in cities can make or break a country’s national climate goals.

Recognizing the central role of multilevel governance in climate action, the COP28 presidency launched the Coalition for High Ambition Multilevel Partnerships, or CHAMP, for Climate Action in December 2023. The initiative, created in partnership with Bloomberg Philanthropies and supported by WRI and other government, academic and nonprofit groups, aims to strengthen collaboration between national and subnational governments in planning and implementing climate targets.

To date, Colombia and 77 other countries — together representing 34% of the global population, 58% of global GDP and 36% of global emissions — have joined CHAMP.

In September 2025, Colombia submitted its updated nationally determined contribution, or NDC, to the UN Framework Convention on Climate Change. The country pledged to limit emissions by 2035 to between 155 million and 161 million metric tons of carbon dioxide equivalent. The plan also calls for stronger coordination between national and subnational levels to ensure effective climate action to progress toward national targets. This NDC outlines Colombia’s path to carbon neutrality by 2050, as set out in its long-term climate strategy, “E2050”. 

But how do such commitments translate into concrete action?  

Since Colombia endorsed the CHAMP initiative, WRI has provided technical assistance to national and local governments to turn multilevel collaboration into reality. Nationally, WRI has worked with the government to engage subnational actors in updating the 2025 NDC and to identify gaps in how urban measures are being implemented. At the city level, it has helped city governments review their plans, identify projects that advance both national and local climate goals, and prioritize those that are high impact and feasible.  

In cities such as Cali, Valledupar and Montería, several short-term projects are already advancing local priorities and helping to implement Colombia’s NDC and E2050 on the ground.

Cali’s Public Buildings Solar Rooftops Initiative  

Colombia’s electricity mix is one of the cleanest in the world: Almost 75% comes from renewable sources, primarily hydropower. Yet the country still relies on fossil fuels — mostly coal and gas — to meet part of its electricity demand. In Cali, for example, the latest 2021 data show that about 10% of the city’s greenhouse gas emissions come from electricity used in homes, businesses and public buildings.  

To cut emissions and reduce fossil-fuel use, Cali’s government is launching an ambitious project to turn the roofs of selected public buildings into interconnected solar power plants. These installations will generate local, carbon-free electricity to power schools, healthcare facilities and municipal services while also creating new jobs in the energy sector.

By producing electricity locally and storing part of it in batteries, the city can reduce dependence on fossil-fuel-based power from the national grid and build greater resilience to energy supply fluctuations. This is particularly important in  Colombia, where hydropower is vulnerable to changes in rainfall patterns caused by climate change.

Valledupar’s Guatapurí River Eco-Park

Colombia is vulnerable to climate change. Its location in the tropics, combined with steep Andean landscapes and access to both the Caribbean and Pacific coasts, makes the country vulnerable to extreme rainfall, landslides, flooding and coastal impacts. High levels of poverty and inequality further increase the risks associated with climate hazards.  

Cities like Valledupar are already facing rising temperatures and greater flood risks, posing major challenges for urban resilience. Integrating climate adaptation into urban planning is therefore essential to protect lives, livelihoods and ecosystems. Colombia’s E2050 and NDC identify sustainable city-regions with integrated development, efficient resource and climate management as a pathway to a resilient, low-carbon future.

Valledupar is putting this vision into practice along the Guatapurí River, which flows from the Sierra Nevada de Santa Marta mountain range, an area experiencing more unpredictable rainfall and where rising temperatures are accelerating glacier melt.

The city plans to build a linear eco-park along the river’s eastern bank to protect a flood-risk area while encouraging walking and biking, promoting nature tourism and increasing green corridors. In addition to protecting the riverbank, it also aims to improve air quality, reduce the urban heat island effect, enhance public health and limit urban expansion and climate-exposed informal settlements.

Montería’s Botanical Garden  

Biodiversity management and ecosystem services are key to building climate resilience and ensuring people’s well-being, according to Colombia’s E2050. Montería’s government is applying this vision by transforming an old wastewater treatment lagoon zone, which is currently located in an area facing future flood risks, into a green oasis with a metropolitan botanical garden.  

The project will create a space for recreation and environmental education, as well as creating a permeable green area where biodiversity can thrive.

From National Goals to Local Action

The city-led projects in Cali, Valledupar and Montería help translate Colombia’s NDC and long-term strategy into tangible action. They show how local initiatives can support national emission reduction goals while improving quality of life, strengthening resilience and protecting nature.

However, advancing multilevel collaboration is not without challenges. WRI Colombia’s analysis identified key obstacles subnational governments face when implementing climate measures.  

• At a local level, political support is key for integrating climate action into local priorities, such as the four-year development plans, because it helps build momentum, unlock resources and sustain long-term projects.
• Cities struggle to find clear incentives, especially financial ones, for including NDC-related actions in their local plans, making stronger national support critical.
• The technical knowledge gap for planning and implementing climate projects remains a challenge, particularly in smaller municipalities.  

Working with WRI, the national government co-hosts the Strategic Committee on “Cities and Climate Change in Colombia,” a biannual forum that brings together cities, NGOs and national authorities to discuss climate action. The committee fosters multilevel collaboration by identifying active projects, synergies and facilitating coordination among governments and stakeholders.

In 2024, subnational governments were able to discuss these challenges through the forum with the national government, which is taking action on multiple fronts to create an enabling environment for cities and departments in climate action. One example is the Corridor of Climate Financing (Corredor de Financiamiento Climático de Colombia), a platform led by the National Planning Department that connects climate projects to funders and provides support.

Strengthening collaboration between national and subnational governments, as promoted by the CHAMP initiative, is crucial to overcoming these barriers and scaling up local climate projects that support the transition to a low-carbon, resilient economy. 

 

Watson Farley & Williams (“WFW”) advised Zaha Hadid Architects (“ZHA”) on its successful contract negotiations with the municipality of Vilnius, Lithuania, for a new public transport terminal.

ZHA’s Green Connect proposal was named the winning entry in a design competition in 2022 and will upgrade the city’s public transport bus terminal and civic spaces of Station Square, as well as link to an adjoining £13bn major rail project that will connect cities across all three Baltic states. ZHA’s design will feature a new public garden, courtyard and architecture that integrates the historical city and the station to ensure seamless connectivity for passengers and residents.

Following the implementation of this contract, ZHA is working with LTG Group (Lithuanian Railways) on a separate contract for the renovation of the city’s railway station itself, a project on which WFW is also acting.

ZHA is one of the world’s most high-profile and well-known firms of architects. Based in London, the studio was founded by the Pritzker Prize-winning female Iraqi-British architect Dame Zaha Hadid.

The WFW London team that advised ZHA was led by Construction Partner Barry Hembling, supported by Senior Associate Jamie Bell and Associates Dan Haley and William Stewart with additional support from Trainee Daniel Grondin and PA Alice Parmar.

Barry commented: “We’re delighted to have advised ZHA on its redesign negotiations for such a vital transportation project, increasing links between Vilnius and other Baltic cities. Being instructed on matters such as this reflects WFW’s industry-leading construction expertise in the infrastructure sector”.

WASHINGTON (AP) — The number of Americans applying for unemployment benefits declined last week in a sign that layoffs remain low, even as several high-profile companies have announced job cuts.

U.S. applications for unemployment benefits in the week ending Nov. 22 dropped 6,000 from the previous week to 216,000, the Labor Department reported Wednesday.

The number of people seeking unemployment benefits is seen as a proxy for layoffs and is close to a real-time indicator of the health of the job market. The job cuts announced recently by large companies such as Target and Amazon typically take weeks or months to fully implement and may not yet be reflected in the claims data.

The four-week average of claims, which softens some of the week-to-week volatility, dropped 1,000 to 223,750.

The total number of Americans filing for jobless benefits for the week ending Nov. 15 rose 7,000 to 1.96 million.

So-called “ghost store” operators are taking advantage of Christmas and Black Friday to lure shoppers to their websites, as the consumer regulator warns Australians that artificial intelligence is making it even harder to identify deceptive retailers.

The Australian Competition and Consumer Commission (ACCC) considers ghost stores – which falsely market themselves as local brands – to be “scam adjacent”, as some send imitation products from overseas and others fail to deliver anything at all.

Guardian Australia has identified several new examples of ghost stores claiming to offer Black Friday discounts on a variety of products, including jewellery, makeup and children’s toys.

Even though the Facebook owner Meta and the e-commerce platform Shopify have been aware of the broader problem for months, ghost stores not only continue to be set up and run fictitious advertising but are escalating their methods.

In one example, the online makeup retailer Legacare, which is running ads on Meta platforms for a Black Friday sale, claims to have developed a “line of products” from its headquarters in Queensland. It sells a “Biomimic” foundation for mature skin, which it says is the favourite of “42,000+ Happy Women”.

One of the Legacare ads includes an image which appears to be a screenshot of an Australian Women’s Weekly article headlined: “This Australian brand is outselling Sephora bestsellers.”

But the article doesn’t exist.

A spokesperson for Women’s Weekly owner Are Media said the image was not an authentic article and appeared to be an “unauthorised and fabricated” use of its brand to mislead consumers.

“We take the misuse of our brands very seriously,” they said. “We encourage global tech platforms to take stronger steps to prevent fraudulent or deceptive advertising such as this.”

Legacare is not registered in Australia, nor does it have an Australian business number (ABN), according to searches of official records. Its domain name was registered less than one year ago.

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The ACCC wrote to Meta and Shopify in July, urging the tech companies to scrutinise this type of activity more closely and take action against the operators.

In September, Meta announced plans to expand its anti-scam efforts in the Asia-Pacific region.

The company continues to use AI to assess user reports of scams, which are not always reviewed by a human.

When Guardian Australia visited the Legacare website last week, it introduced its “founder” with the text “Hi, I’m Ruby!” next to an image of a smiling blond woman holding a bottle of foundation.

The image appeared to be AI-generated and its URL showed it was created by the Replo content delivery network, which allows users to build Shopify pages with artificial intelligence.

Legacare’s website contained a disclaimer that said it would help customers “stay safe when shopping online” by warning them of “counterfeit ‘Legacare’ products and imitation listings appearing on third-party marketplaces”.

The ACCC has urged people to check if online retailers were genuine by doing reverse image searches of product photos to see if they had been taken from another site.

Using this method, Guardian Australia reviewed Amazon last week and found five almost identical products to Legacare’s which are also called “biomimic” foundations.

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These products had been available for sale since September 2024, well before the legacareofficial.com domain name was registered on 2 January.

Guardian Australia sent detailed questions to Legacare, including whether it was trying to ward off any customer concerns it was drop-shipping cheap products to Australian customers at an inflated price.

In an email, Legacare responded: “We are an Australian business, but we work with a trusted overseas supplier who also supplies some of the world’s best skincare brands.

“Our skincare is made with high-quality ingredients and formulated to deliver premium results. If you have any other questions, feel free to ask. We’re happy to help.”

Legacare did not respond to requests for its ABN.

Speaking generally, the ACCC deputy chair, Catriona Lowe, urged consumers to be sceptical about supposed discounts and said even some legitimate retailers were making false or misleading claims to lure in customers.

Lowe said the regulator would like to see all social media platforms taking further action in relation to scams.

“It’s enormously important that platforms are proactively seeking to track what’s occurring on their platforms as well as providing tools to consumers to report to them and get responses in a timely manner,” she said.

She said there was no question artificial intelligence could “help criminals make more realistic scams and make them more difficult to detect”.

Meta declined to comment on specific websites shown to it by Guardian Australia, but said ghost stores and fake ads were an “adversarial space where sophisticated groups often change tactics to stay ahead of detection”.

“We remove violating content when we become aware of it, and Meta encourages users to report pages or ads that appear to be misleading,” it said.

It said the company was committed to helping prevent scams and user reports about scam ads had declined by more than 50% in last 15 months.