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.
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.
Though this year’s ranking of the biggest secondaries fundraisers has a different name at number one for the first time ever, many of the most interesting subplots can be found further down.
A fund’s LP base will respond in varying ways to an organised liquidity option; understanding how alignment among LPs can differ is crucial.
Buyers are hopeful that market conditions will give them greater power to dictate the terms of GP-led deals without discouraging sponsors from coming to market.
A raft of new participants in the sector means it may not be long before annual deal volumes match or exceed the record $130bn deployed last year.