Brookfield Grabs the Remains of the Private Equity Secondaries Unit of DWS
Posted on 01/31/2023
DWS Group has transferred its private equity secondaries business to Brookfield Asset Management. The transaction received all regulatory approvals, according to a news release. DWS said in the release that Brookfield was chosen because of its “global private equity platform with $121 billion in assets under management, making it a good fit to invest and grow the business moving forward.”
DWS’ private equity secondaries business was started in 2017 with a focus on “midlife opportunities in existing sponsor-backed companies to support further organic growth, add-on and M&A activities, including select continuation capital and co-investment opportunities,” the release said.
DWS had €833 billion in total assets under management as of September 30, 2022.
Audax Group
DWS experienced departures in its PE secondaries unit. Kumber Husain left DWS to join Audax Strategic Capital, which focuses on providing various capital solutions to private equity general partners, in 2022. Prior to joining Audax in May 2022, Kumber was Managing Director, Head of Americas, for DWS Private Equity and previously worked at Morgan Stanley Alternative Investment Partners, WP Global Partners, and Swiss Re. Audax Strategic Capital was formerly launched in December 2022. The other hire Audax made was Daniel Green who also worked at DWS Private Equity as Head of Europe.