Secondaries

The compelling benefits of the GP-led market have fueled a 5x growth in depth and breadth, and that growth is only accelerating, say W Capital Partners’ David Wachter and Todd Miller.

Continued volatility is bringing many opportunities for secondaries players. The biggest risk is spreading yourself too thin, says Carlyle AlpInvest’s global head of secondaries, Chris Perriello.

Inside: To sell or not to sell – How LPs are dealing with a delicate balancing act; Key questions facing the secondaries sector; The rise of NAV lending; Expert comment and analysis from industry leaders; Plus much more…

Record deployment and fundraising headwinds are leading to limited dry powder, says Whitehorse Liquidity Partners managing partner Yann Robard.

With LPs looking to rebalance, the future of secondaries might look more like the past, with rewards for those GPs willing and able to take a back-to-basics approach, according to Steve Costabile, global head of private funds at PineBridge Investments.

The parties that bear the costs can vary according to the structure of the deal.

Proposed reforms in the US aim to make an independent fairness opinion a requirement in GP-led deals.

The average number of secondaries transactions advised on sat at 24 in a year where overall secondaries market volume was estimated at around $110bn.

More capital was closed on for private equity secondaries in the first quarter of the year than for any other strategy outside of buyouts.

Investors that do not participate in GP-led opportunities could be incurring an opportunity cost of at least 15% over the long run.