Curious to know what can be inferred when a private equity firm exits to a secondary LP. Positive or negative indicator of that fund's performance?
For example, a situation like this: https://www.prnewswire.com/news-releases/wind-point-partners-and-neuberger-berman-private-equity-close-continuation-vehicle-300721870.html
------ "Wind Point Partners, a leading Chicago-based private equity firm focused on middle-market businesses in North America, and funds advised by Neuberger Berman, a private, independent, employee-owned investment manager, today announced the successful closing of Wind Point Partners CV1, L.P. ("Wind Point CV1"). Wind Point CV1 was formed as a continuation fund to acquire two of the remaining portfolio companies, RailWorks Corporation and Ascensus Specialties, owned by Wind Point Partners VI, L.P. (together with its affiliated funds, "Wind Point VI"), a 2006 vintage fund with $715 million of original capital commitments." -------
My guess is bad (i.e., fund vintage / non-traditional exit implies these investments were sitting on the books delivering lackluster performance) but curious to see what take others might have on this.