Couldn't find anything on the forum related to this. Have you seen this happen? I've seen this before, but not first hand and would be interested in hearing from someone on the buyside.
Curious as to how the economics would work as well. Did the fund get the thesis wrong the first time? What changed from the time of exit?
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One obvious answer is life time issues of a fund which explain part of the secondary / tertiary deals we see.
The other very obvious one is that if a good company (and you know it inside out) is cheap because of temp bad management or market turmoil, why would you not buy it again?
Another part of the answer is that especially highly recurring business models permit delvering over time. You could just keep levering the same thing and dividend out but sometime you want to realise more up front.
I sit in Europe so not sure how relevant for you but take a look at HG and Visma or Carlyle and P&I. Same trade. multiple times done.