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.

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Sceptics says concentrated GP-leds are an expensive way of doing co-investments; the Canadian pension believes the two markets address different risk/reward profiles.
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Pamplona Capital Management's decision to 'redeem' holdings in its funds owned by an LP with ties to sanctioned Russian oligarchs shows stake disposals can come in unexpected ways amid the Ukraine crisis.
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ILPA’s upcoming guidance has been spurred by investors’ annoyance at unreasonable deadlines and the amount of work needed to make decisions on these deals. The secondaries community should take note.
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Deal certainty and pricing are two immediate casualties of Russia’s invasion of Ukraine this week.
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Blackstone’s Mileway deal is further evidence liquidity doesn’t have to come from the secondaries market – and that’s not necessarily a bad thing.
Despite Coller Capital raising a record-breaking fund for the strategy, LP sentiment for credit secondaries does not appear to be as supportive as one might think.
While there are advantages to using an M&A process to set the price of a GP-led deal, buyers should not wear the technology out.
burden
While secondaries activity shows no signs of slowing, LPs and GPs need to get on the same page about how to smooth out this process for institutional investors going forward.
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Secondaries fundraising figures for 2021 came in more than $35bn shy of the prior year, but they were more impressive than they seem.
accounting
LPs should be aware that buyers often mark up assets to par on day one, even if they are acquired at a discount.
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