Kate Ashton, a corporate partner at law firm Debevoise & Plimpton who counsels private equity and other investment funds, recently sat down with Secondaries Investor for a Q&A on fund restructurings.
Asia Growth Capital Advisors's executive chairman and founding partner Harjit Bhatia explains why Asian secondaries haven't lived up to expectations, and says LPs need to be more pushy.
New Mexico Educational Retirement Board (NMERB)'s deputy chief investment officer explains why the pension set up a separate account with Siguler Guff to focus on secondary investment opportunities in distressed debt and special situations.
Benoit Verbrugghe, head of Ardian US, reveals the secondaries firm’s strengths, from its in-depth knowledge of assets obtained through its primary fund of funds business to its proprietary technology.
Staying small and leveraging relationship are the key to the secondaries advisories business, says Solomon Owayda, who recently founded Mozaic Capital Advisors with Christine Patrinos.
Although high start-up valuations are making direct secondaries investments more challenging, they are also making the exit environment more attractive, explains Zach Abrams, managing partner at Stratim Capital, which provides liquidity to shareholders and venture capital investors in privately-held companies.
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.
While the secondaries market is providing a convenient avenue for limited partners to sell fund stakes and access to liquidity, alternatives such as preferred equity have become welcomed opportunities for LPs looking to preserve portfolio upside, explains Pierre-Antoine de Selancy, managing partner and co-founder of London-based 17Capital.
Fund restructurings have become a common occurrence in the secondaries market. Jeff Hammer and Paul Sanabria, managing directors and co-heads of the illiquid financial assets practice at Houlihan Lokey, explain what makes a GP a good candidate for a fund restructuring and how to ensure that LPs are getting the best possible deal.
Leerink Capital Partners recently raised a new $192 million fund along with Revelation Partners to invest in direct secondaries in healthcare companies. Scott Halsted, managing director at Revelation, explains the strategy and the current environment for healthcare secondaries investments.