LPs aren't selling their stakes in African private equity funds because of risks like Ebola in West Africa, says EY's Graham Stokoe.
Landmark estimates $64bn of dry powder for secondaries – not that much in the scheme of things, but a great deal more might not be healthy either.
Acquisitions of listed funds of funds can present excellent opportunities for sophisticated buyers willing to navigate a public acquisition, explain Katherine Ashton and David Schwartz, of Debevoise & Plimpton.
Will we start to see more secondaries investors buying and selling infrastructure and real assets fund interests?
Two decades ago, Jeremy Coller’s entrepreneurial drive helped to create one of the world’s biggest secondaries platforms. Today, Coller Capital is a bigger, more institutional firm but there are still signs of that stubborn unwillingness to follow the crowd.
Ardian has invested an eye-catching $8bn on secondaries deals in the past year – and could possibly prove that high prices won’t prevent GPs from finding value for investors.
There is a lot of opportunity to restructure dysfunctional funds in continental Europe, particularly in Germany where direct secondaries specialist Evoco sees the most promising situations, says co-founder and partner Michel Galeazzi.
Multi-family offices are more educated on the secondaries market, although single-family offices are increasingly becoming interested, says François Gamblin, chief executive officer of SecondCap.
An increasing number of private equity secondaries transactions focused on small buyout and venture capital managers has helped Adveq find value in the market, explains Nico Taverna, head of the firm’s secondaries programme.
Why aren’t more fund restructurings happening in Europe?