NAV: As if it weren’t hard enough to figure out your Q1 NAVs in the first place, a poll from Duff & Phelps, conducted during a webinar last week, suggests that LPs are going to want estimations of portfolio NAVs sooner rather than later. Driving it is, of course, the different timelines of reporting requirements, writes Connor Hussey. Duff & Phelps managing director David Larsen says many mid-market firms start their process after quarter’s end, but some LPs will need to have a reliable range to report as early as this month.
GP-leds guidance: It’s been a year since the Institutional Limited Partners Association released its guidance on GP-led secondaries, and Secondaries Investor’s Rod James takes a look at how it’s fared. Some suggest it’s responsible for a slowdown in successful tender offers in the last year, others think ILPA might do well to expand guidance into other GP-led processes, like preferred equity. Another interesting upshot is that it has increased the amount of responsibility LPAC members have; something that has caused one LP quoted in the article to be reluctant to accept invitations.
Email prepared by Graham Bippart