Secondaries

Secondaries GPs have had to get more granular in their approach through the pandemic while the competition continues to intensify, says Pomona Capital founder and chief executive Michael Granoff.

The pandemic has certainly impacted the secondaries market – and it hasn’t been all bad.

M&A advisory businesses and mega-managers are storming a flourishing secondaries industry. We track the key players to watch.

With so many options on how to provide liquidity to investors, Northleaf managing director Matthieu Ducharme details the structures available to mid-market GPs and the related pitfalls to avoid.

Buyout and growth capital investors are embracing a broad range of GP-led solutions, say W Capital Partners managing partner and co-founder David Wachter and partners Blake Heston, Todd Miller and Katie Stitch.

A wave of GP-led activity helped buoy the secondaries market last year. Now, co-GP relationships and sponsors of all shapes and sizes using secondaries capital are just around the corner.

Creativity is key as the secondaries market evolves and managers maneuver to hang on to their favorite assets.

The secondaries market universe is growing. ‘To boldly go where no person has gone before,’ participants will be judged on market positioning and applicable returns, say PJT Park Hill managing director Darren Schluter and partner David Perdue.

With GP-led deals taking the spotlight in the secondaries market, Jeff Akers, head of secondaries investments at Adams Street Partners, shares what that could mean for risk-return profiles.

Concentrated GP-led secondaries dominated in 2020, but buyers are seeking diversification once again, says Gerald Cooper, head of Campbell Lutyens’ North America secondaries advisory.