Pricing

LPs are coming to accept that big discounts on entry don't necessarily mean strong returns, an industry conference has heard.

Secondaries is a strategy open to several hidden risks and investors need to be aware of potential pitfalls.

Buyers and sellers' expectations need to stay within touching distance of each other for a successful market.

A stake in the Dutch PE firm's 2015-vintage fund sold for 121% of NAV, according to a survey of recent transactions by the online marketplace, with average pricing at par.

Right of First Refusal clauses can mean buyers face hurdles on certain fund stakes when bidding on a portfolio. Sunaina Sinha, founder of Cebile Capital, talks to Secondaries Investor about how buyers use pricing allocation to ensure they acquire whole portfolios.

The investment manager has sold more than €150m of tail-end stakes from its primary vehicles and evergreen mandates.

The market is too competitive and those who bought stakes after the global financial crisis look like 'super smart money' now, the $65bn fund's director of investments Stephen Moseley tells Secondaries Investor.

Buyout fund Sun Capital VI commanded a 26% premium to NAV, according to a survey by the online secondaries marketplace.

The firm invested $7.7bn in 'portfolio assets' that include secondaries deals last year.

Speaking on a Secondaries Investor podcast, the advisory firm and placement agent's chief executive noted that the quality of the manager can negate a drop in pricing caused by staple offers.