Marine Cole
With strong liquidity and subdued regulatory pressure on LPs to reduce private equity exposure, today’s sellers are predominantly using the secondaries market to re-balance portfolios, explains Landmark's Ian Charles.
Secondaries advisors are increasingly incorporating fairness opinions into GP-led restructurings, giving LPs an independent perspective while providing insurance for fund managers. Overall, fairness opinions are seen as a step in the right direction toward better representation of LPs.
The wholly owned subsidiary of Northern Trust, which launched earlier this year, purchased the fund interest from Brown Brothers Harriman.
The secondaries firm has raised €154m for its European Secondary Development Fund V. Swedish pension AP Fonden 3 is a returning investor.
Only 13% of European investors surveyed by Probitas Partners said they plan to focus most of their attention on investing in secondaries funds in 2016.
The multi-asset manager appointed Gregory Ehret from 25 January. He comes from State Street Global Advisors.
Less than a quarter of them have either sold or purchased fund interests on the secondaries market, according to a survey by PEI's Research and Analytics division and Montana Capital Partners.
If 2015 was the year of real estate secondaries, 2016 could be the year energy transactions come into their own.
Yar-Ping Soo, a partner at the firm since 2010, succeeds Piau-Voon Wang, who is now a senior advisor.
Blue Point Capital Partners came in second place while VMG Partners was in third position, according to a third-quarter report by Setter Capital.