Secondaries

More transactions are using a delayed payment structure in a bid to bridge mismatches in pricing expectations.

Liquidity challenges seem to be fueling secondaries dealflow, presenting compelling opportunities for buyers, say Tristram Perkins, Ben Perl and Victor Ko at Neuberger Berman.

The secondaries industry is stepping up its reporting of the performance of continuation fund exits.

As lines blur between secondaries and co-investments, a strong rationale remains critical to LPs accepting continuation vehicles, say panelists at PEI Group’s NEXUS summit.

The next phase of secondaries will see GPs embracing a broader range of interim liquidity solutions, say David Wachter and Todd Miller at W Capital Partners.

As its popularity continues to grow, the secondaries market is seeing increased levels of innovation, competition and regulatory scrutiny, say Gibson Dunn’s Shukie Grossman, Sean McFarlane and Kate Timmerman.

LPs are turning to the secondaries market to address liquidity constraints amid improved pricing, as compelling supply/demand dynamics and structural innovations help fuel LP-led dealflow.

An abundance of deal opportunity and shortage of competition mean that mid-market GP-leds are the place to be, say New 2ND Capital partners Clay Cole and Evert Vink.

Secondaries capital that comes with deep sector expertise may define the next iteration of the GP-led market.

After a strong year for LP-led secondaries sales, buyers are shifting their attention to GP-led transactions once again, say Ropes & Gray’s Isabel Dische, Debra Lussier and Paul Van Houten.