Pricing

A decline in crude oil prices, the S&P 500's worst ever start to a year, Brexit and growth fears in China all contributed to the drop in deal volume, estimated at $12bn.

Almost $16bn was traded on the secondaries market during the period amid high levels of excess cash, according to NYPPEX.

Buying and selling of private equity fund stakes is expected to increase over the coming year, according to a study by the global investment company.

Average high bids were 20% down this year compared with a year earlier, according to a report by advisory firm Setter Capital.

The private markets investment firm has picked up five real estate fund positions from the New Zealand investor, which is looking to exit the asset class.

Volatility in public markets and macroeconomic uncertainty are making secondaries participants more cautious, which affects pricing.

Respondents to the placement agent's Secondaries Outlook Report cited three main drivers behind why they expect deal volume to drop as much as 18%.

Higher public exposure and limited upside in tail-end fund stakes will drive pricing further apart for good- and poor-quality assets, according to a new report.

Volatility in global equity and commodity markets helped push average pricing down in the second half of last year, according to the advisory unit's outlook for 2016.

Real estate secondaries bids rose by 4% year on year, according to the advisory firm's 2016 Secondary Private Equity Valuation and Trends Report.