Commentary

ICG and Manulife closed on their respective debut LP-led and GP-led vehicles this week. Both firms believe the secondaries market will continue to specialise in this way – they’re just early adopters.

Andrew Gofton-Salmond, UK head of W&I at Mosaic Insurance, and Gabriel Boghossian, head of secondaries at Stephenson Harwood, explore the growing use of W&I insurance as a way of de-risking GP-led secondaries transactions and highlight some pitfalls to avoid.

Hollyport closed its eighth flagship fund, along with its first-ever co-investment vehicle, at the end of 2022 on more than $2.2bn.

Kaiser Permanente has returned to the secondaries market with its third billion-plus portfolio in three years. As first-timers come to market, the secondaries market is hopeful more LPs will take a regular approach in the years to come.

The secondaries market is not just expanding, it’s also changing the entire real estate market, explains Kilian Toms, managing director, real estate partners strategy, at CBRE Investment Management.

As the LP-led market grows ‘white hot’, mosaic transactions are sparking debate among some practitioners over the impact on returns.

Following an era of innovation, secondaries now enters an age of capitalisation with new entrants joining the market, secondaries professionals told PEI Group’s NEXUS summit in Florida.

An increase in dealflow has shone a light on a number of roadblocks, including issues of alignment and short timelines

Is $1trn in annual deal volume achievable? What does the increase in new entrants to the single-asset buyside herald? Why do some firms not like leading deals? All questions up for discussion in Orlando next week.

Impact investing, especially in emerging markets, is a new frontier for most investors; secondaries transactions will ease them in.