Secondaries

Discount levels as high as 30% are unlikely to entice any but the most desperate sellers to approach the secondaries market for liquidity relief.

The amount of dry powder dedicated to impact secondaries increased markedly in 2022 – if from a very low base.

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.

There is misalignment between investors and GPs on the topics of obstacles, red flags and expectations, a Capstone survey finds – however, the market is expected to go through further standardization.

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.

GPs tend to like externally set pricing as it represents a market-based mark.

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.

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.