Secondary deal volume controversy and the shadow market
There’s a huge controversy in the private equity secondaries market these days over just how much volume has been transacted, writes peHUB editor Chris Witkowsky. On one side you have Cogent Partners – a firm that has been publishing its estimate of secondaries deal volume since 2005. On the other side you have Setter Capital, a secondary intermediary that started to publish a report about secondary volume last year. The disagreement is this: Cogent estimated last year that first-half deal volume came in around US$7 billion, while Setter pegged it at about US$15 billion. Cogent, at the time, maintained that total deal volume could end up at US$18 billion to US$20 billion. Setter predicted US$34 billion.
4 February 2014•2 mins read
