Editor's View

Our in-house take on what news, trends and developments affecting the secondaries market means to its different participants. In these weekly commentaries we stir discussion and prompt debate as well as comment on issues important to market participants in a lively and thought-provoking way.

Regulations
As the economy turns downward and the rationale behind GP-led deals changes, the SEC’s fairness opinion mandate could be a good thing for the secondaries market.
buildings
Private equity’s fastest growing sub-sector is also getting market participants excited in adjacent asset classes.
secret
Some public pensions appear to think any sunlight allowed on their private equity decision-making processes would cause irreparable damage to their ability to continue investing in the asset class.
New York
LP scepticism, co-investors’ grievances and a disregard for fairness opinions were some of the secondaries-related themes to emerge at last week’s CFOs and COOs Forum in New York.
telescope
Here’s a preview of PEI’s upcoming secondaries roundtable and what participants think is in store for a market that seems to know no bounds.
Marine life seamless pattern. Fish shoal. Underwater inhabitants. flying fish
The firm, which raised €2.6bn this week for its debut lending fund, is agnostic about whether it’s viewed via a preferred equity or credit lens.
market
A simultaneous numerator, denominator effect may leave some LPs significantly overallocated at a time when their GPs are asking for re-ups.
Cheers with beer, drinks
Writing the biggest cheque doesn’t necessarily mean you structured the transaction – or bothered to have a beer with the counterparty to get to know them.
real estate
New types of transactions are emerging that stretch the definition of secondaries in what is a deceptively large and growing market.
By making GP clawbacks gross of taxes, the new rules could lead to the resurgence of the archaic original American waterfall.
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