Interview

Consistently high secondaries transaction volumes are being driven by enduring macro difficulties and opportunistic investment practices, say P Thao Le and Stephanie Pindyck-Costantino, partners at Troutman Pepper Locke.

The technology can give lower mid-market companies the powers of their much larger competitors, says MiddleGround Capital’s founding and managing partner John Stewart.

Deal-level benchmarks are transforming private market analysis, unlocking significant benefits for LPs, GPs and service providers, says StepStone Group partner and chief technology officer Tyler Johnson.

The rapid growth of structured solutions is evidence of a secondaries industry that continues to evolve and innovate, say John Kelley and Rob Emerson, co-heads of the secondaries group at Latham & Watkins.

Structural changes and the rise of artificial intelligence have created a more intricate secondaries framework, says Thomas Roche Toussaint, head of PE secondaries and co-investments at UBS Asset Management.

Specialist underwriting and a focus on the mid-market are shaping the next phase of secondaries’ development, say Dan Wieder and Yash Gupta, managing directors at H.I.G. Capital.

Being able to offer scale and draw on cross-asset class relationships is vital in the fast-growing secondaries market, say Pantheon’s Andrea Echberg, Rakesh Jain and Amyn Hassanally.

Secondaries specialists are vying to capture the continuation investment opportunity in the lower mid-market, says Christiaan van der Kam, head of secondary investments, private equity at Schroders Capital.

In secondaries, scale doesn’t necessarily impact the nature of the companies you buy – but it can provide a powerful competitive advantage when it comes to transacting on large LP portfolios, says Michael Skelly, a partner at Lexington Partners.

The fast-expanding sports industry offers an array of opportunities to investors that can navigate the ecosystem’s complexities, say Simpson Thacher & Bartlett’s Eric Geffner, Michael Kuh and Matthew Carpenter-Dennis.