Record levels of dry powder, macroeconomic headwinds and political uncertainty; advisory firms’ mid-year reports make for interesting reading.
It’s a chicken and egg scenario for manager-led transactions in a region that is several years behind Europe and North America.
VC-focused secondaries seems like a niche market, but don’t be fooled: there is more to it than meets the eye.
Secondaries fundraising hit a post-crisis high in the first half of the year, but the expanding market can take it, say investors.
Temasek’s recent bond issuance is a sign the market is once again receptive to securitisation deals for private equity portfolios.
In the short term, Britain’s vote to leave the EU will bring dislocation and slowdown in the market, though it may lead to an increase in sales once the dust settles.
For fledgling secondaries firms, raising a first-time fund can be tough, but it isn’t always necessary to do so.
J-curve mitigation, portfolio analysis and similar terms are some of the similarities between secondaries funds and the strategy of taking stakes in private equity managers.
The multi-layered nature of secondaries can make ESG issues difficult to address, but that doesn’t mean buyers can ignore them.
With Hugh Dunkerley, who bought Fondinvest last year, facing charges of alleged securities fraud, questions hang over the future of the Paris-based fund of funds.