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Chris Witkowsky

Discount levels as high as 30% are unlikely to entice any but the most desperate sellers to approach the secondaries market for liquidity relief.
LP portfolio sales, which came back and then faded out again as the markets turned earlier this year, are expected to be a major part of volume in the second half.
As economic uncertainty persists, fundraising is expected to remain challenging into next year.
GPs tend to like externally set pricing as it represents a market-based mark.
Big financial institutions are increasingly looking for ways to expand into secondaries advisory to help meet the demand of the growing market.
Under a 'blue wave' scenario, progressive politicians like senator Elizabeth Warren would have more power to target aspects of the financial system they have consistently criticized, including private equity.
GPs are seeking fund term amendment requests to either add the ability to use fund-level leverage in general, or to expand their ability to put debt on the fund.
Conversations have started up on possible deals over the next few weeks and months as the lockdown eases.
The strategy is a reaction to the 2017 tax reform, which included provisions that charge an ordinary income tax rate on carry generated from investments held under that period.

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