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Rod James

Rod James is a reporter with Secondaries Investor and also contributes to sister title PrivateEquityInternational.com. He is based in the London office. Prior to PEI, his roles included a stint as a freelancer covering fintech and transaction banking, CEEMEA capital markets reporter with EMEA Finance magazine, and editor of the Latin American political and economic risk team at IHS Global Insight.
Insight Partners tech downturn
Jeff Lieberman speaks to PEI about declining tech valuations, the end of ‘growth at all costs’ and opportunities brought about by the downcycle.
Si 50
Though this year’s ranking of the biggest secondaries fundraisers has a different name at number one for the first time ever, many of the most interesting subplots can be found further down.
As an increasing number of sponsors turn to secondaries processes, doubts are being raised about the market’s building blocks. Just how aligned is the secondaries market today?
Conflicts of interest can arise within the LP base as LPACs act in their own interest, not in the interest of the fund.
For the GP, internal alignment is another opportunity to manage team dynamics. Third parties will want to see that the right people participate in the economics.
When dealing with waterfalls, there are tools that can be used to create economic alignment from the outset.
An incentivised management team is crucial to ensuring ultimate success in GP-led secondaries deals.
Finding the pricing sweet spot to satisfy sponsors, buyers and LPs is tougher than ever in today’s market.
Some sponsors are still able to drive aggressive terms in GP-led deals, though perhaps not for much longer.
The $36bn pension, which counts Advent, TPG, Hg and Industry Ventures among its long-standing GP relationships, was overallocated to PE by more than 6 percentage points.

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