LP Sales

Fund of funds sales represented the majority of LP transactions by asset managers last year, according to a recent full-year 2023 volume report.

In this sixth episode of the Decade of Secondaries Investing podcast miniseries, we sit down with HarbourVest Partners' Jeffrey Keay and PJT Park Hill's Adrian Millan to discuss the phenomenon of repeat sellers in the secondaries market.

More LPs are considering secondaries sales as pricing has strengthened since last year, with high-quality buyout funds capturing pricing at the 90% or higher net asset value range.

The deal is part of a wave of LP secondaries driven by fund investors' desire to get proceeds from older funds.

The deal comes as LP secondaries sales keep steady and drive activity with strong pricing and sellers eager to capture liquidity from private equity portfolios.

The system has not yet finalised a contract with a secondaries adviser.

As the LP-led market grows ‘white hot’, mosaic transactions are sparking debate among some practitioners over the impact on returns.

Cathay Life and some of its fellow Taiwanese insurers have been pulling back from private markets due to current and impending regulatory capital requirements.

A panel of LPs at PEI's NEXUS 2024 summit discussed trends and themes in private equity, including the use of secondaries to rebalance portfolios.

Lazard expects deal volume this year to approach or exceed 2021 levels as LPs and sponsors seek innovative liquidity options in the secondaries market.