Pricing

The secondaries market anticipated a record year for activity in 2024. Don’t expect a slowdown over the coming 12 months.

Secondaries investors expect pricing for GP- and LP-led deals to mostly increase or stay the same, with few expecting decreases.

New entrants and pricing are driving deals and could spur record volume, global head of Blackstone Strategic Partners Verdun Perry tells Secondaries Investor.

Research suggests evergreens can pay 6 points higher on average for LP portfolios than closed-end funds – findings that may not fully reflect all market dynamics.

LP-led deals accounted for $40bn of the $68bn of global secondaries volume seen in H1 2024 as bid-ask spreads narrowed.

The €255bn unit of French financial giant BNP Paribas Group wants to sell a bundle of private equity and infrastructure stakes, Secondaries Investor has learned.

The Dutch pension giant had brought a portfolio worth $2bn-$3bn to market, Secondaries Investor reported in June.

Growth equity assets are seeing ‘pretty good’ bargains, yet the mismatch in valuation expectations may hinder dealmaking.

Jonathan Gray’s contention, that discounts on LP portfolios could increase, runs contrary to the trend this year of strengthening pricing.

There have already been some notable improvements in LP-led pricing in Q3 this year, according to a buyer survey from the advisory firm, shared with Secondaries Investor.