Secondaries

As GP-led deals have evolved, so too have the terms designed to create alignment of interest between all parties, say Proskauer’s Jordan Hurwitz and Natalie Scott.

Increasing specialisation in the GP-led secondaries market is bringing evolving opportunities for investors, say Pantheon’s Amyn Hassanally and Charlotte Morris.

The valuation process is key to determining the fair value of a GP’s portfolio. How is this undertaking managed?

Deal volumes are likely to pick up through 2023 as pricing uncertainty dissipates, says Jonathan Abecassis at Credit Suisse.

The top secondaries firms, advisers, deals and law firms of the year, as voted by PEI readers

The growth of GP-led secondaries represents a long-term, structural change within private equity, write Paul Sanabria and Jeff Hammer, global co-heads of secondaries at Manulife Investment Management.

More opportunities are opening up for buyers as GPs turn to the secondaries market for capital, but they must be selective if they are to achieve strong risk-adjusted returns, says Nate Walton at Ares.

Access to trophy assets through transparent processes will underpin GP-led growth, say Evercore’s Alex Longden and Fred Stonell.

Tenders on paper seem to solve two issues at once – LPs in need of liquidity and quick fundraising momentum, yet LPs have proven reluctant to actually sell in recent tender offerings.

LP portfolio sales took the majority of total secondaries market share last year in a reversal from 2021.