Fewer investors are using the secondaries market to lock in returns or to refocus their portfolios on the best-performing managers, compared with six months ago.
Now in its seventh year, our latest survey of law firm activity shows an industry advising on a collective $754bn of transaction volume.
More capital was closed on for private equity secondaries in the first quarter of the year than for any other strategy outside of buyouts.
The top 10 known commitments to 2022-vintage secondaries vehicles totalled $4.77bn, buoyed by ADIA’s whopping $4bn commitment to Ardian’s ASF IX.
LP portfolios accounted for close to half of the roughly $106bn in volume last year, according to the advisory firm and placement agent's 2023 Secondary Market Overview.
Most fund sponsors invested additional capital on top of carry rollover in such processes last year, according to the investment bank's debut Secondary Market Survey Report.
Deal activity for the asset class reached an all-time high for the third year in a row due to strong growth of GP-led processes.
Market professionals anticipate 2023 will be a record year as pent-up demand bursts through pricing hesitation and stored-up dry powder is unleashed.
As a growing number of LPs look to buy and sell private equity fund stakes in the coming months, are there bargains still to be had?
More than half of LPs have indicated they will look to deploy capital in secondaries ahead of other well-established strategies such as growth and venture capital, according to a survey of investors.