Key Takeaways
- • Bain Capital has assembled six bidders for a $2.5 billion continuation vehicle on ITP Aero, the Spanish aerospace engine maker acquired from Rolls-Royce for €1.8 billion in 2022 and recapitalized in November 2025, with prospective buyers including BCI, CVC, Goldman Sachs Asset Management, LGT, Warburg Pincus, Neuberger Berman, and Carlyle, advised by Evercore.
- • The continuation vehicle pricing exceeds Bain's original acquisition cost, reflecting value creation and prior dividend distributions to the sponsor, demonstrating robust exit momentum in aerospace-backed secondaries markets.
- • Morgan Stanley recruited the co-heads of Baird's secondaries advisory team, shoring up institutional capacity in a competitive secondaries market following senior personnel transitions within its own group.
- • Hawaii's $26.6 billion pension is reassessing its decade-long private markets allocation, with consultant Meketa proposing three portfolio options that would reduce illiquid asset exposure from 46% to 41–43%, signaling institutional appetite rotation away from PE concentration.
- • Amundi completed acquisition of a 9.9% stake in ICG for approximately €620 million, with a dedicated private equity secondaries fund launch anticipated in the coming weeks as part of the wealth distribution partnership.
Summary
Bain Capital is advancing a $2.5 billion continuation vehicle for ITP Aero, the Spanish aerospace engine manufacturer originally acquired from Rolls-Royce. The deal represents a significant secondaries transaction in the aerospace sector, with Evercore serving as financial advisor. Six institutional buyers are competing for the investment: BCI, CVC, Goldman Sachs Asset Management, LGT, Warburg Pincus, Neuberger Berman, and Carlyle. The valuation reflects Bain's value creation efforts post-acquisition and prior distributions to the fund, as the continuation vehicle price has moved materially higher than the original €1.8 billion purchase price from Rolls-Royce in 2022. The company underwent recapitalization in November 2025, positioning it for the next phase of ownership and operational scaling.
The transaction underscores continued institutional demand for aerospace-backed secondaries and continuation vehicles, even as broader sentiment on private equity allocations shows signs of moderation. Concurrently, Hawaii's $26.6 billion pension system is conducting a strategic review of its private markets exposure after maintaining an elevated tilt toward illiquid assets for a decade. Consultant Meketa has presented three portfolio rebalancing options to trustees, each reducing the illiquid asset allocation from the current 46% to a range of 41–43%, reflecting cautious institutional repositioning and concerns about concentration risk in private equity at the portfolio level.
Personnel movements within the secondaries advisory ecosystem also reflect market dynamism. Morgan Stanley strengthened its secondaries team by recruiting the co-heads of Baird's secondaries advisory division, following earlier departures from Morgan Stanley's own secondaries group to JPMorgan. These competitive hires signal sustained institutional focus on secondary market advisory services as GPs and LPs navigate portfolio refinancing and continuation vehicle structures.
Separately, Amundi concluded its acquisition of a 9.9% stake in ICG for approximately €620 million, positioning the wealth manager to launch a dedicated private equity secondaries fund in the coming weeks as the first product of a wealth distribution partnership. Additionally, HarbourVest appointed Tony Ranaldi, formerly of Sixth Street, to manage portfolio operations for its private credit evergreen vehicles, which include credit secondaries exposure.
The transaction underscores continued institutional demand for aerospace-backed secondaries and continuation vehicles, even as broader sentiment on private equity allocations shows signs of moderation. Concurrently, Hawaii's $26.6 billion pension system is conducting a strategic review of its private markets exposure after maintaining an elevated tilt toward illiquid assets for a decade. Consultant Meketa has presented three portfolio rebalancing options to trustees, each reducing the illiquid asset allocation from the current 46% to a range of 41–43%, reflecting cautious institutional repositioning and concerns about concentration risk in private equity at the portfolio level.
Personnel movements within the secondaries advisory ecosystem also reflect market dynamism. Morgan Stanley strengthened its secondaries team by recruiting the co-heads of Baird's secondaries advisory division, following earlier departures from Morgan Stanley's own secondaries group to JPMorgan. These competitive hires signal sustained institutional focus on secondary market advisory services as GPs and LPs navigate portfolio refinancing and continuation vehicle structures.
Separately, Amundi concluded its acquisition of a 9.9% stake in ICG for approximately €620 million, positioning the wealth manager to launch a dedicated private equity secondaries fund in the coming weeks as the first product of a wealth distribution partnership. Additionally, HarbourVest appointed Tony Ranaldi, formerly of Sixth Street, to manage portfolio operations for its private credit evergreen vehicles, which include credit secondaries exposure.
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