News & Analysis

The secret life of secondaries

That trickle of smaller secondaries deals seen in late May has quietly but quickly become a freshet, according to Kline Hill Partners.

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Secondaries volume fell, unsurprisingly, pretty drastically in the first half of the year compared to years prior. But the smaller end of the secondaries market has been, looking at the experience of Kline Hill Partners, kind of booming.

Chris Witkowsky has the details on the firm’s $150 million overage fund that it launched to take advantage of the overflow of deals its seeing in its target range, generally $1 million to $10 million. The smaller end of the secondaries market was thawing as far back as late May, driven by highly motivated sellers, Chris wrote back then.

Kline Hill is also seeing a “whole bunch” of GP-led deals coming on line, according to the firm’s Mike Bego.

Email prepared by Graham Bippart