Secondaries in Private Equity

From a niche corner of private equity, the secondaries market has rapidly evolved into a key part of the industry. Specialists are raising ever-increasing amounts of capital as LPs have come to appreciate the benefits of investing into this strategy, and managers and the advisory community are becoming increasingly creative in structuring deals.

Classic LP-led deals still account for the majority of the secondaries market, though the percentage has dropped recently, making way for more GP-led transactions that no longer carry the stigma of underperformance. Investors are keen to get access to good quality managers, so GPs wishing to retain control of their ageing portfolios, while providing liquidity to their LPs, have met with a captive audience.

There is only so far a market can move vertically before investors start to get itchy for a slightly new strategy. Where there is a buoyant primary market, a secondary market typically follows and there seems to be a nascent one emerging in private debt.

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