Why GP led secondaries is the next big thing in Private Equity

From stapled deals to restructurings, tender offers to strip sales, Andrew Sealey, managing partner and chief executive of Campbell Lutyens, discusses the different types of GP-led deals and how they can benefit all parties.

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Why should private equity managers consider general partner-led secondaries processes on their funds? Private Equity International and sister publications Secondaries Investor and PERE recently sat down with Campbell Lutyens’ managing partner and chief executive Andrew Sealey to discuss this very question.

Sealey is well-placed to know. His firm, a secondaries advisor and placement agent, has worked on some of the largest such transactions to date, including the €2.5 billion restructuring of assets in Nordic Capital’s 2008-vintage fund into a continuation vehicle, and the $1 billion stapled deal on BC Partners’ 2011-vintage fund that helped the firm towards the €7 billion target of its 10th flagship buyout fund.

In this half-hour podcast, Sealey and PEI editors discuss the different types of GP-led transactions and how they can benefit all parties involved; how the nuances of such deals differ across private equity, private real estate and infrastructure; and how stapled deals can sometimes deliver a higher price for limited partners that choose to sell in a GP-led tender offer.