LP Sales

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.

Many limited partner institutions either have used the secondaries market to sell fund stakes, or are ready to hit the market with sales as soon as pricing hits the right level.

LP portfolio sales led volume last year, clocking in at an estimated $60bn out of a total of $115bn, according to PJT Park Hill’s full-year volume survey.

The $138.5bn system recently sold huge stakes of its private equity portfolio.

The $50bn US pension system backed off a planned secondaries sale after prices came in too low.

Wider discounts in the LP portfolio market drew buyers to fund stake transactions over sponsor-initiated deals in H1, according to Holcombe Green, global head of private capital advisory at Lazard.

Market disruptions can motivate large investors to evaluate how they generate liquidity, oftentimes leading to repeat sales, according to Strategic Partners' global head.

Four ways the AI and machine learning-focused firm is deploying its tech-enabled secondaries system in the LP portfolio market.