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Sponsors or GP-led secondaries processes should take care in the language they use to explain why they want to hold an asset for longer, writes Thiha Tun, a partner at Dechert.
LP skepticism, co-investor grievances and a disregard for fairness opinions were some of the secondaries-related themes to emerge at last week’s CFO’s and COO’s Forum in New York.
More and more PE managers are launching continuation funds to hold onto assets longer. But such deals are rife with potential conflicts of interest. Private Funds CFO reports on how to make sure your continuation fund is a success. for both you and your investors
regulation Securities and Exchange Commission SEC GPs
Certain types of deal may not require a fairness opinion, a case likely to be made to the regulator during the ongoing consultation period.
This largely institutional market has seen a spike in enquiries from family offices and high-net-worth individuals, according to speakers at the Fund Finance Association Symposium.
The secondaries firm has been expanding its team as it moves into new geographies and adds more GP-led deals
The commission proposed rules for the first time that would outright ban certain practices – a move away from the commission’s traditional focus on making sure GPs are providing LPs with appropriate disclosure.
Raymond James's Sunaina Sinha Haldea discusses the best practice for GPs to discharge conflict of interest and ensure best pricing on their GP-led transactions.
The secondaries market is expanding private equity access to individual investors and defined contribution pension plans.
More than one-third of private equity's 50 biggest firms, including Blackstone, KKR and TPG, have used a transaction type that allows GPs to hold onto assets for longer.
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