Secondaries

Side Letter gets a sneak peek at PEI's Q1 fundraising stats just as President Trump appears to dash hopes of a broader revival. Plus: a west coast firm is attempting to teach other firms how to generate liquidity in a tough exit market. Here's today's brief, for our valued subscribers only.

While macroeconomic uncertainty might be conducive to increased secondary activity, there is concern among industry insiders that tariffs could force the secondary market, and continuation vehicles in particular, to recalibrate.

With exit activity remaining sluggish, GPs are looking for alternative ways to deliver proceeds back to LPs in older funds, who are waiting for distributions to be able to make new commitments.

Advice on what GPs and LPs should be considering in light of "Liberation Day". Plus: novel approaches to continuation funds, and Hamilton Lane's low-ticket evergreen fund. Here's today's brief, for our valued subscribers only.

New Mountain, now HIG...the continuation fund investor space grows yet more crowded. Plus: details of Tikehau's co-investment unit. Here's today's brief, for our valued subscribers only.

HarbourVest and Goldman Sachs are understood to be the lead buyers on the multi-asset continuation fund and a single-asset continuation fund respectively.

The firm is considering the strategy at a time when several traditional private equity buyout firms have expanded their capabilities into GP-led secondaries, while others are making moves into the space.

Industry participants reckon continuation fund sizes could hit double digits by the end of the decade. Plus: why GPs should be wary of customs costs under the Trump administration. Here's today's brief, for our valued subscribers only.