Regulation

The National Security and Investment regime could cause uncertainty and significant administrative burdens for investors, write legal experts from Hogan Lovells.

The secondaries market features prominently in Redefining Private Equity in the 2020's, a report compiled by Credit Suisse's private fund group.

Lexington Partners’ tie-up with Moonfare could be the model that will allow secondaries firms to tap a lucrative new market.

Private funds that ignore the new SEC Rule 2a-5 do so at their own peril, says a Duff & Phelps valuations expert.

The private debt asset class has matured to the point where the secondaries market is beginning to develop scale, writes Daniel Roddick of Ely Place Partners.

The rise of GP-led deals has highlighted the importance of liability protection, bringing warranty & indemnity insurance into the secondary market, say insurance broker Lockton and law firm Akin Gump.

Clarity on withholding tax issues for non-US investors means secondaries trades can now be conducted with greater ease, write Macfarlanes’ James McCredie and Florence Barnes.

Elliot Weston, head of UK Tax and partner at Hogan Lovells, lays out the effects on buyers and sellers of LP fund stakes and what to expect from the proposed changes to stamp duty.

In the firm’s Q2 earnings call, Jonathan Gray pointed out where in private markets he thinks investment from defined contribution benefit plans will be directed to first.

Less competition and a likely increase in the number of smaller forced sellers could make 2020 a good vintage for niche players.