Tail-End Funds

Sales of tail-end fund stakes are expected to increase this year, so buyers will have to carefully weigh the enticing discounts against some potential portfolio howlers.

Bids fell by almost 15 percentage points last year amid an increase in the proportion of tail-end stakes being traded on the secondaries market.

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.

Tail-end opportunities, the beauty of volatility and the proliferation of GP-led transactions were among the topics broached at an industry event in London this week.

The SEC’s Igor Rozenblit explained last week at a PEI event in New York why some end-of-life situations can create conflicts of interest, particularly regarding fees and expenses.

A generational boom in fund liquidations could prompt an explosion in direct secondaries activity.

Madrid-based Arcano bought the growth stakes through its latest secondaries fund, which is at least 50% invested.

After five months of fundraising, the London tail-end specialist has held a final close above its initial hard-cap.

Stakes in mature funds managed by top quality GPs delivered greater returns than younger vintages, according to a study by PERACS.

James Jupp and Jennifer Galloway are the latest hires at the London firm that specialises in tail-end acquisitions and direct investments.