Leverage

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.