Secondaries

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

PEI’s annual investor survey indicates that LPs aren’t rushing to exit every deal, but they do expect third-party valuations.

Decision-making can be a resource-intensive process, although it is one that LPs are becoming more familiar with.

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

There are various stages involved in getting these deals over the line, though greater levels of complexity can stretch timelines.

As some GPs attempt to codify the removal of LPAC review and consent for continuation vehicles, they will face a ream of objections among investors.

The regulator turned its attention to secondaries processes last year as part of a wider set of proposals designed to enhance disclosures in private markets.

Three of the young professionals from our list of up-and-coming secondaries leaders give their take on the GP-led market.

Continuation funds have become a more common exit route, enabling sponsors to hold onto their star assets for longer.

There’s an expectation that tender activity will increase as GPs look for ways to deliver liquidity back to LPs as exits slow, and at the same time boost fundraising in the sluggish environment.