News

GP-led processes overtook traditional LP deals as a proportion of secondaries volume in 2020, and now account for around half of transaction volume.

Everything you need to know about GP-led secondaries, from pricing and conflicts of interest to third-party valuations and SEC proposals.

An auction process is the most common means of price setting, but there are exceptions.

Transparency is key to managing conflicts and enabling alignment of interest.

There is misalignment between investors and GPs on the topics of obstacles, red flags and expectations, a Capstone survey finds.

Alignment and specialisation come to the fore as the GP-led secondaries market matures.

Buyers are increasingly splitting out their fund strategies as institutional investors seek specific risk/reward categories for secondaries.

Conditions are favourable for deal-by-deal transactions, adding to the growing ocean of manager types in an already competitive market.

Processes that don’t offer a status quo option have begun to crop up more frequently in the GP-led market.

LP capacity constraints and macro challenges made a sizeable dent in capital raising last year, but secondaries funds still managed to exceed 2018 and 2019’s total hauls.