Almost two-thirds of investors said they expect capital calls to exceed distributions in 2021, according to a survey by Montana Capital Partners.
The preferred equity specialist says it closed transactions this year across Europe, North America and Asia from a total pipeline of around $20bn.
More than 40% of LPs plan to revise their co-investment strategies in light of covid-19, with implications for the secondaries market.
The number of funds coming to market openly offering discounts for early-bird commitments or big ticket sizes is dropping, according to research seen by sister title Private Equity International.
The flight towards high-quality assets is ongoing as buyers wait for clarity on the real economic impact of covid-19, according to Jasmin Capital's head of secondaries.
Yuan-denominated funds have raised magnitudes more than dollar-denominated funds, though a lack of buyers has hindered the growth of a secondaries market.
Secondaries funds have raised record amounts so far this year and a big Q4 is likely – take a closer look at the figures in our latest interactive report.
Buyers will value a 'safe pair of hands' over pure return potential until the market stabilises further, according to Elm Capital.
The proportion of respondents who are 'not concerned' about liquidity was 81% across the summer, compared with 46% in the spring, according to a survey by the advisory firm.
The average high bid for buyout funds surpassed 90% of NAV in the three months to end-August, according to data from the intermediary.