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Whitehorse Liquidity Partners is a rising star of the preferred equity market, led by one of the industry’s most charismatic figures. What’s behind its success? A strategy treated as ‘genius’ by some and with wariness by others.
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Market volatility has led to stalled deals, the withdrawal of sellers and the return of MAC clauses.
GP stake sales
David Larsen, a managing director at Duff & Phelps, says investors should seek guidance from their GPs as to likely discounts.
The coronavirus pandemic is one of multiple threats to manager-initiated deals, which accounted for around one-third of total secondaries market volume last year.
Secondaries transaction volumes exceeded $80bn for the first time, but slower growth in parts of the market has put a check on over-exuberance.
Presenting two new global categories of Preferred Equity and Direct Secondaries, plus winners across LP Sale and GP-led Deal of the Year, and more.
Everyone knows the importance of alignment between the GP and LPs in a fund restructuring. But what about the portfolio company’s management?
Read the results of the annual awards, voted for by the industry.
Sponsors considering running secondaries processes on their funds should be aware of potential pitfalls that can hit carried interest and scupper deals.
Saul Goodman
Who had the biggest effect on the industry in 2019? This year the award goes to an advisor for the first time.
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