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The Secondaries Market

£399.00

Key Information

  • ISBN: 978-1-911316-06-0
  • Publication Date: December 2016
  • Number of Pages: 166

Led by Greenhill Cogent and with expert commentary from eleven market leading practitioners, this book benchmarks best practice for new and established sector players of all types and sizes.

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Strategies for buyers, sellers, fund managers and advisors

The secondaries market has become an increasingly established and accepted part of the mix for private equity, infrastructure, real estate and other related asset classes. While there is no single disruptive change within the market, the range of players using the market, their motivations for doing so, and the types of transaction they use are growing in size and complexity. The secondaries market is forecast to be buoyant for many years to come.

Edited by Greenhill Cogent, Private Equity International’s The Secondaries Market guide benchmarks best practice for new and established sector players of all types and sizes, including: institutional investors, fund managers, legal practitioners, advisors and accountants. Whether you regard ‘secondaries’ as a sector, an industry, a portfolio management tool or simply an investment strategy, this book is a comprehensive guide to navigating a dynamic, innovative, maturing and increasingly global market opportunity.

What this book covers:

  • Methods of determining the value of secondaries deals and understanding the illusion of discount
  • A guide to using leverage in secondaries transactions
  • Best practice for ‘real’ assets, including: real estate, infrastructure and energy
  • Understanding the changing legal and regulatory landscapes for secondaries
  • A breakdown of established and emerging market players and transaction types, including fund restructuring and recapitalisation

Who should buy this guide:

  • Fund managers
  • Institutional investors
  • Banks and insurance companies
  • Financial advisers
  • Lawyers

Sponsor:

Greenhill Cogent

- Brian Mooney and Jeremy Joersz, Greenhill Cogent

- Gerald Carton, Coller Capital

- Robina Barker Bennett and Scott A. Turner, Lloyds Bank

- Wouter Moerel and Wiebe Visser, AlpInvest Partners B.V.

- Julian Mash and Matt Shafer, Vision Capital

- Christian Diller and Marco Wulff, Montana Capital Partners

- Brian Mooney and Wes Bender, Greenhill Cogent

- Adam Le, Secondaries Investor

- Raj Marphatia and Frank Williams, Ropes & Gray LLP

- John Verwey, Malini Mukhopadhyay, John Ingrassia, Claudia Mercer and Kate Simpson, Proskauer

- Michael Belsley and Ted Cardos, Kirkland & Ellis LLP

- James Sunday and Min Zhou, Landmark Partners

- Dr. Dmitriy Antropov, Partners Group

- Michael Belsley, Kirkland & Ellis

Preface

Adam Le, Secondaries Investor, and Ashwin Rattan, PEI

1 The state of the secondaries market
Brian Mooney and Jeremy Joersz, Greenhill Cogent

SECTION 1: Strategies, solutions and key players

2 The secondaries market: dynamics and prospects
Gerald Carton, Coller Capital

3 Acquisition debt in private equity secondaries
Robina Barker Bennett and Scott A. Turner, Lloyds Bank

4 Secondaries acquisitions of fund interests
Wouter Moerel and Wiebe Visser, AlpInvest Partners B.V.

5 Fund preferred investments: A new innovation
Julian Mash and Matt Shafer, Vision Capital

6 Valuation dynamics in private equity secondaries
Christian Diller and Marco Wulff, Montana Capital Partners

7 The role of the advisor in secondaries investing
Brian Mooney and Wes Bender, Greenhill Cogent

8 Secondaries in emerging markets
By Adam Le, Secondaries Investor

SECTION 2: Law & Regulation

9 Legal issues in secondaries transactions
Raj Marphatia and Frank Williams, Ropes & Gray LLP

10 Regulatory framework applicable to tender offers
John Verwey, Malini Mukhopadhyay, John Ingrassia, Claudia Mercer and Kate Simpson, Proskauer

11 Navigating a successful fund restructuring: A balancing act
Michael Belsley and Ted Cardos, Kirkland & Ellis LLP

SECTION 3: Asset classes

12 The real estate secondaries market
James Sunday and Min Zhou, Landmark Partners

13 The infrastructure secondaries market
Dr. Dmitriy Antropov, Partners Group

14 Complexities for secondaries investments in the energy sector
Michael Belsley, Kirkland & Ellis, and Edward Keith, Landmark Partners

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