Another relatively rare GP-led transaction has closed in the secondaries market, adding to the pool of ever-growing manager types in an already competitive landscape.
The development of the secondaries market is one based on disruption of an asset class; the tokenisation of private markets funds could follow a similar trajectory.
Carlyle, Sun Capital and Harvest Partners are all out in market running tender offers plus a staple – a tool that’s not available to just any GP.
The PEI Awards celebrates its 21st anniversary, with 12 secondaries categories up for grabs.
It’s all about alignment and outperformance when it comes to selling the idea of a GP-led; two reports this week suggest LPs and GPs have a way to go to get on the same path.
Information is king in getting a deal over the line in a buyer’s secondaries market for GP-led transactions.
British pensions have been dumping liquid assets to free up cash due to the gilt crisis; whether they’re currently selling private markets holdings for the same reason is another question.
The dream of a private equity evergreen fund structure continues with murmurs that market participants are exploring ideas for the launch of just such a vehicle.
Data from Lazard shows that buyers are moving away from single-asset deals priced off a preceding minority stake sale.
When it comes to pricing, speed is of the essence for LPs looking to sell portfolios, yet is only one piece of the puzzle.