Pricing

Good deals at a discount have been becoming harder to find in Europe for a while now, so what are GPs doing if they’re not playing the discount game?

Buyers in Europe are turning to markets such as Ukraine and Russia to find attractive discounts on secondaries stakes, according to Christian Böhler, the secondaries principal at Akina.

The average pricing for secondaries transactions fell but some strategies, including tail-end funds, fared better.

Growing competition for underlying assets are the biggest challenge for primary GPs but will create future opportunities for secondaries, according to Investec's GP Trends 2015 report.

The acquisition was part of a large sale from insurance company Nationwide, which was rebalancing its private equity portfolio.

While most traditional secondaries market participants scoff at electronic exchanges’ impact on their strategies, some are engaging with them on behalf of their portfolio companies.

NEPC’s Q3 2015 poll shows that in response to high valuations and restricted access to top quartile managers, these investors are looking into co-investing.

Secondaries buyers and sellers seek more transparency and independence in valuation reporting.

The firm believes it exceeded the estimated industry average discount by 600 basis points.

Pension funds in Europe started investing in private equity later than their US counterparts and don't yet have a strong need for portfolio management.