Core Viewpoint - Goldman Sachs plans to acquire a majority stake in Froneri, the global ice cream manufacturer, for €15 billion (approximately ¥120 billion), with Häagen-Dazs being a significant asset in this deal [2][3]. Group 1: Acquisition Details - The acquisition is expected to be finalized as early as September this year, with Goldman Sachs using a newly established continuation fund managed by PAI Partners to purchase the majority stake in Froneri [5]. - The continuation fund allows original limited partners (LPs) to choose between cash exit or rolling investment, providing liquidity while enabling the manager to retain quality assets for value appreciation [5]. - If the agreement is completed, Goldman Sachs will only gain regional operating rights for Häagen-Dazs in the US and Europe, excluding the Chinese market [5][8]. Group 2: Historical Context - In 2001, General Mills acquired Häagen-Dazs for $650 million from Diageo, and in 2002, Nestlé took over Häagen-Dazs' operations in the US [5]. - In 2016, Nestlé and PAI Partners established the ice cream joint venture Froneri, and in 2019, Nestlé sold its US ice cream business to Froneri for approximately $4 billion, granting Froneri control over Häagen-Dazs and other core Nestlé brands [6]. - Froneri now operates Häagen-Dazs in over 20 countries, including the US, Australia, and Europe, while General Mills retains global brand ownership and operates outside North America, particularly in China [8]. Group 3: Market Dynamics in China - General Mills is reportedly considering selling its Häagen-Dazs stores in China for several hundred million dollars, with discussions still in preliminary stages [10]. - The company has acknowledged a double-digit decline in customer traffic for Häagen-Dazs stores in China, and its CEO has indicated a strategy to optimize the global investment portfolio [11]. - In the third quarter of fiscal 2025, General Mills reported net sales of $4.8 billion (approximately ¥34.8 billion), a 5% year-over-year decline, with international market sales, including China, down 3% [11]. Group 4: Competitive Landscape - Häagen-Dazs has seen a significant reduction in its store count in China, dropping from over 400 to 247 stores within two years [13]. - The rise of local ice cream brands and the emergence of new tea and coffee brands have diverted market share from Häagen-Dazs, with Gelato projected to grow at 10%, surpassing a market size of ¥12 billion in 2024 [16].

Group 1 - The core viewpoint of the report indicates that Limited Partners (LPs) are actively planning to increase investments in private credit and secondary markets, reflecting a shift towards more defensive investment strategies [1][2] - Nearly half (45%) of LPs plan to increase allocations to private credit assets within the next 12 months, up from 37% six months ago [1] - Over one-third (37%) of investors intend to increase allocations to private secondary market strategies, a rise from 29% in December 2024 [1] Group 2 - In the Asia-Pacific region, LPs show the most positive attitude towards alternative assets, with 67% planning to increase investments in this area [1] - The demand for private secondary market strategies has significantly increased, with 64% of Asia-Pacific LPs planning to allocate more to this asset class, up from 42% six months ago [1] - Private credit remains attractive, with half (50%) of Asia-Pacific investors indicating plans to increase investments [1] Group 3 - The report shows that the total transaction volume in the private secondary market reached $160 billion in 2024, continuing to exhibit strong growth [3] - Two-thirds (65%) of LPs believe that the number of General Partner (GP) led transactions in the private credit market will increase in the next two to three years [3] - North American investors have the strongest expectations for this growth at 74%, followed by Europe at 59% and Asia-Pacific at 54% [3] Group 4 - Over half (54%) of global LPs and 58% of Asia-Pacific LPs indicate they are likely to engage in private secondary market transactions for private equity assets in the next two years [3] - More than one-third (36%) of LPs report an increase in the number of spin-off firms in their private market portfolios over the past two to three years [3] - A significant portion (64%) of Asia-Pacific LPs expect the formation of new fund managers to outpace industry consolidation in the coming years [3] Group 5 - The increase in the number of spin-off firms is likely driven by star members from mature investment teams starting their own firms [4] - Over one-quarter (28%) of LPs believe that existing GPs are insufficient in talent development and retention [4] - With the rise of mega funds, 71% of investors see this trend as a challenge to achieving expected investment returns [4]

Group 1 - The global private equity market has shown signs of structural recovery in 2024, with an increase in investment and exit activities, but fundraising continues to face pressure [1][2] - In 2024, the global private equity M&A transaction volume reached $602 billion, a 37% year-on-year increase, while total exits amounted to $468 billion, up 34% [1] - Fundraising in the industry declined for the third consecutive year, totaling $1.1 trillion in 2024, a 24% decrease compared to the previous year and a 40% drop from the historical peak in 2021 [1] Group 2 - The secondary market for private equity has become a crucial liquidity solution, driven by renewed investment and exit activities in the primary market, creating diverse exit demands [1][2] - The tightening fundraising environment has led to discount opportunities in transactions, further stimulating secondary transactions (S transactions) [1][2] Group 3 - The secondary market transaction volume from 2016 to 2024 has shown a trajectory of "volatile growth - pandemic pullback - structural recovery," with 2024 marking a record high of $162 billion, a 45% increase year-on-year [5][6] - The recovery is influenced by liquidity pressures on sellers and new capital influx for buyers, leading to a more mature secondary market ecosystem [6][30] Group 4 - In 2024, LP-led transactions accounted for $87 billion (54% market share), while GP-led transactions reached $75 billion (46% market share), reflecting balanced market development [9][10] - The concentration of top investors in LP-led transactions has increased, with the top eight investors holding 50% of the transaction share [9] Group 5 - GP-led transactions primarily involve mergers and acquisitions, with 82% of the total GP-led market transaction volume [10][14] - The use of continuation funds has become prevalent, capturing 79% of the GP-led market share, indicating a preference for long-term management of core assets [14][21] Group 6 - The pricing of GP-led transactions has improved, with 87% of single-asset continuation fund transactions having a discount rate of over 90% in 2024 [21][23] - LP-led market pricing has also seen a general improvement, with average pricing rising to around 90% of net asset value [23][26] Group 7 - The trading behavior in the secondary market has matured, characterized by the rise of co-investment models, concentration of quality assets, and innovation in deferred payment tools [24][30] - The trend of co-investment has increased, with the proportion of small institutions participating as co-leads rising from 8% in 2023 to 15% in 2024 [27][28] Group 8 - The market is witnessing a shift towards high-quality assets, with a decrease in small transactions and an increase in larger deals [28] - The use of deferred payment tools has tripled, with flexible terms and risk mitigation measures becoming more popular among market participants [29][30]