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Proposed reforms in the US aim to make an independent fairness opinion a requirement in GP-led deals.
The regulator turned its attention to secondaries processes last year as part of a wider set of proposals designed to enhance disclosures in private markets.
Alignment and specialisation come to the fore as the GP-led secondaries market matures.
The growth of GP-led secondaries represents a long-term, structural change within private equity, write Paul Sanabria and Jeff Hammer, global co-heads of secondaries at Manulife Investment Management.
Everything you need to know about GP-led secondaries, from pricing and conflicts of interest to third-party valuations and SEC proposals.
A round up of some the most noteworthy appointments from last year, as the secondaries market continued its game of recruitment musical chairs.
As GP-led deals have evolved, so too have the terms designed to create alignment of interest between all parties, say Proskauer’s Jordan Hurwitz and Natalie Scott.
Secondaries investors can find unparalleled alignment in GP-led transactions with lower mid-market managers, says Christiaan van der Kam, head of secondaries at Schroders Capital.
PEI’s annual investor survey indicates that LPs aren’t rushing to exit every deal, but they do expect third-party valuations.
More opportunities are opening up for buyers as GPs turn to the secondaries market for capital, but they must be selective if they are to achieve strong risk-adjusted returns, says Nate Walton at Ares.