Montana Capital was able to raise €400m in only 10 weeks as LPs are drawn to shorter-life funds.
Realisations were driven in part by secondaries, which also fueled growth of the firm's investment portfolio.
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.
In an increasingly crowded transactions market, the competitive edge is shifting to buyers with efficient transaction processes. Fadi Samman, a partner in the investment management practice at law firm Akin Gump, offers his tips for what investors should consider.
In a falling NAV environment, buyers are often guessing where NAV will be the following quarter and it can paralyse some market participants.
Increased competition, speedier transactions and market maturation are among the factors impacting fees advisors earn when brokering fund stake sales.
With a degrading macro and a stock market plunge, investors may have to face some old daemons such as the denominator effect, which may reappear on CIOs’ agendas, explains Thomas Liaudet, a partner at Campbell Lutyens' secondary advisory team.
General partners – with and without troubled funds – are increasingly seeing the secondaries market as a fundraising tool.
Retail investors weren’t the only ones rethinking their moves in the midst of recent public market flux.
Fabian Neuenschwander, senior vice-president at Partners Group, says that although some private equity groups with large secondaries capability may enter the real estate secondaries market, the supply/demand imbalance is likely to remain for some time.