As the continuation fund market evolves and expands, it is inevitable that some of the assets would fall into bankruptcy.
Helping to close the liquidity gap will create a boom for both the secondaries and primary markets, writes Coller Capital's founder and chief investment officer.
While market participants disagree with its branding, exercises to rejig the underlying shareholder base of companies to provide liquidity are underway
While there is certainly a host of alignment issues LPs would like to see resolved, a number of investors have adjusted their policies to invest in continuation vehicles.
Eye-watering legal charges have been likened to ‘racketeering’; industry co-operation could solve the problem.
'I can hand on heart say there has never been a deeper, more robust pipeline than the one that we have right now,' HarbourVest's Jeff Keay told Secondaries Investor on the back of its $15.1bn flagship raise.
A recent GP-led process that came across our desks suggests the collaborative nature of the secondaries market is alive and kicking – for now.
Despite a couple of pulled-transaction anomalies, secondaries sales are still seen as a powerful tool for rebalancing portfolios.
The inclusion of adjacent strategies such as GP stakes and portfolio financing in volume reports shows how what matters to secondaries market participants is evolving.
Stephenson Harwood's Gabriel Boghossian and Sarah de Ste Croix outline four main ways continuation funds in the real estate sector differ from their private equity cousins.