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Funds in the region have retained a significant proportion of unrealised value due to a tricky exit environment, exacerbated by a predilection for minority investments.
The Q4 year-on-year drop from $7m to $1m is due to the run-off of legacy assets and several large fundraisings having yet to come to market, said co-CEO Glenn Youngkin.
The €2bn restructuring of PAI Europe V, centred around one of the world's largest ice cream makers, suggests the secondaries market may be too small.
Secondaries funds should be used cautiously and for tactical purposes only when constructing a private markets portfolio, according to research by Wellershoff & Partners.
Though the secondaries market continues to grow apace, sentiment dampened slightly in 2019, with cost concerns around GP-led deals a sticking point.
Secondaries firms and mid-market tech funds are among the beneficiaries of the region’s increasingly sophisticated pension systems.
Shirley Ma, who has been tasked with more than doubling the Dutch pension giant's exposure to the region, talks co-investments, GP best-practice and Chinese tech valuations.
The secondaries market has seen more innovation than almost any other area of private equity over the last decade, leaving investors with some intriguing choices, says Charles Smith, managing partner and CIO of Glendower Capital.
Adapting the balance sheet of the investor to the various risk profiles of the underlying assets makes a lot of sense, says Pierre-Antoine de Selancy, managing partner of 17Capital.
Many LPs are being called on to make significant decisions about whether to hold or sell positions in older funds. EisnerAmper’s Robert Mirsky discusses the potential for conflict
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