Secondaries

Grabbing market share and expanding into new regions, the deal type's accelerated evolution has put it on course for further growth.

There is an art to managing the contrasting cashflow profiles of traditional LP and GP-led secondaries, says Charles Smith, chief investment officer and managing partner at secondaries firm Glendower Capital.

The appetite for recapitalisations of small numbers of high-performing assets is adding opportunities (and challenges) to the GP-led market, say Travers Smith partner Sam Kay and senior associate Ed Ford.

A clear rationale and early engagement with LPs can help overcome the complexities involved in GP-leds, say Akin Gump Strauss Hauer & Feld partners Aleks Bakic, Fadi Samman and Daniel Quinn.

Negotiations between the financial services investor and the former PJT Park Hill secondaries head are understood to have been over what shape the business would take.

The private equity firm has traditionally retained exposure to assets the 'old fashioned way', according to managing partner James Brocklebank.

The firm said its focus on 'targeted transactions' as opposed to buying large LP portfolios will work to its advantage in the current market.

The listed giant's private equity and infrastructure groups are expected to launch follow-up flagship vintages in the next 12 months, according to Bruce Flatt.

The Kohlberg & Co process is one among several high-profile GP-led deals that are driving market volume, even as secondaries gradually recover from the pandemic lock down.