Secondaries advisors are increasingly incorporating fairness opinions into GP-led restructurings, giving LPs an independent perspective while providing insurance for fund managers. Overall, fairness opinions are seen as a step in the right direction toward better representation of LPs.
If 2015 was the year of real estate secondaries, 2016 could be the year energy transactions come into their own.
Co-investments can help a secondaries buyer bridge any financing gaps to purchase a large portfolio.
New and existing secondaries firms are becoming more focused on particular niches, which is a boon for LPs wanting more specificity but also a sign that returns will be less uniform in the future.
While most traditional secondaries market participants scoff at electronic exchanges’ impact on their strategies, some are engaging with them on behalf of their portfolio companies.
The flow and pace of transactions this year is looking very different to previous years, reflecting several new dynamics in the secondaries market.
There are many challenges to US pension plans becoming more active buyers in the secondaries market, but it's the full pricing that's really holding them back.
Stapled deals and restructurings can fall through for many reasons, but it’s often related to pricing that’s too low and LPs who don’t feel the need to sell.
Montana Capital was able to raise €400m in only 10 weeks as LPs are drawn to shorter-life funds.
Secondaries deals are being disrupted by the fact that most of the world’s major public stock indices have fallen between 3 to 8 percent this year.