Sun Life Buys Majority Stake in Crescent Capital to Bolster Asset Management Business

The talks follow failed takeover negotiations last year that involved H&R, Blackstone, TPG and Crestpoint Real Estate Investments.

As GP-led secondaries scale to record levels, top investors are flagging a widening gap between trophy assets and weaker deals, even as new financing tools like CFOs further blur the line between sale and securitization.

To close valuation gaps, sponsors are turning more often to hybrid capital stacks with waterfalls, sponsor overhang, and various preferred stock structures.