Complex structures, scale and breaching safe harbours top lawyers’ lists of challenges unique to today’s secondaries market.
Sam Green, private equity investment officer at the Oregon State Treasury, talks dry powder, pricing and ‘tactical shifts’ in secondaries strategies.
There are certain alternatives a company should consider in the 409A valuation process when permitting secondary sales, writes Ira Simkhovitch, a senior associate at Industry Ventures.
Think you know the difference between a fund recap and a restructuring? Your peers might not.
About 63 percent of investors surveyed by Investec are likely to use third-party debt for a secondaries acquisition in the future, explains global head of fund finance at Investec Simon Hamilton.
2014 was the year of high priced fund books and cheap leverage, Coller Capital chief investment officer Tim Jones said.
Leverage is not new to the secondary market, but it has become more prevalent and consequently LPs should keep an eye on the impact of its use, says Chason Beggerow, a partner at private equity advisory firm Altius Associates.
Partners Group generated $77bn in private equity secondaries deal flow across 450 deals in 2014, but the firm remains selective in an increasingly competitive market, says co-head of private equity secondaries Adam Howarth.
Perseus’ five legacy funds finally have a new owner in distressed investment firm Centre Lane, giving longstanding LPs a liquidity option. But it wasn’t your average secondaries deal.
FW Capital simultaneously marketed its third secondaries fund and its eighth primary fund of funds, which garnered a $180m capital overlap, said head of private equity Steve Baker.