Rod James
The amount of dry powder dedicated to impact secondaries increased markedly in 2022 – if from a very low base.
Until technology can provide the market with sufficiently standardized transaction templates, its progress will be accretive, not revolutionary
The departure of Jake Stuiver comes five months after that of Mike Custar, the founder of M2O's secondaries business.
What was an exception is now mainstream, with buyers using leverage as bridging finance and to boost returns, according to Investec.
While initial secondaries volume estimates point to a record first half, expectations for full-year 2022 may have to be revised downward.
A company subject to a secondaries transaction could have at least five layers of leverage acting on it, from LBO debt up to a fund-level capital call facility. We investigate the test posed by the coronavirus to these layers, each with their own dynamics.
Although public market volatility doesn't have to weigh heavily on companies' December NAVs, GPs ignore it at their peril.
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