Adam Le
Adam Le is Senior Editor, EMEA, for PEI Group's private equity publications, overseeing the flow of global news and analysis for Private Equity International and Secondaries Investor. Based in London, Adam works closely with private equity-focused colleagues across PEI's offices in New York, London and Hong Kong. Prior to PEI, his roles included reporting on finance and technology for Bloomberg Japan.
Secondaries Investor catches up with Michael Granoff, the firm's chief executive, on the back of its $2.6bn raise for Fund X.
The proliferation of product offerings within private equity and alternatives in the region will fuel a boon for buyers, according to Strategic Partners' global head.
When dealing with waterfalls, there are tools that can be used to create economic alignment from the outset.
An incentivised management team is crucial to ensuring ultimate success in GP-led secondaries deals.
Finding the pricing sweet spot to satisfy sponsors, buyers and LPs is tougher than ever in today’s market.
Conflicts of interest can arise within the LP base as LPACs act in their own interest, not in the interest of the fund.
There's plenty of room for growth in Chinese RMB private equity and VC secondaries, with the turnover rate for assets paling in comparison to other global regions.
For the GP, internal alignment is another opportunity to manage team dynamics. Third parties will want to see that the right people participate in the economics.
Some sponsors are still able to drive aggressive terms in GP-led deals, though perhaps not for much longer.
As an increasing number of sponsors turn to secondaries processes, doubts are being raised about the market’s building blocks. Just how aligned is the secondaries market today?