Secondaries

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.

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

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.