Analysis/Secondaries
Reputational risk, early secondaries help assuage LP default fears
GPs that recently raised are the ones potentially more at risk, but market sources agree widespread defaults would be far-fetched
Secondaries players weigh up risk and rewards of "ring-fencing" deals
GP-led transactions isolating assets hardest hit by the Covid-19 crisis could appeal to adventurous secondaries players, but challenges abound
Video: Coller's Francois Aguerre on PE's reasons to be cheerful
In the third of Unquote's Lockdown series, Francois Aguerre discusses how long-term secondaries prospects are still strong despite the turmoil
Unquote Private Equity Podcast: Back for secondaries
When activity begins again, will LPs be willing to take a pricing hit? And where will buyer and seller expectations meet?
DWS putting secondary capital to work in late-stage co-investments
Secondaries player has found that offering a mid-cycle co-invest can be an option for PE-backed assets to capitalise on opportunities
2010-vintage funds: what is still in UK portfolios
PE managers now have a number of options available to them when funds near the end of their lifespan
Coronavirus: European LPs contemplate course corrections
LPs are not unanimous in their opinion of how the current pandemic will reshape ways of thinking
Secondaries players hold fire despite copious dry powder
Market is likely to pause until Q2 2020 valuations are released, potentially leading to a flurry in Q4
Secondaries: opportunistic buyers ready for fund stakes to hit market
With more sellers coming to market, prices are unlikely to stay at pre-Covid-19 heights, which could in turn encourage more opportunistic buyers
New perspectives: How secondaries are reshaping PE's risk profile
With LPs increasingly hungry for PE, the boom of the secondaries market can shift perceptions around the risks associated with the asset class
Secondaries sea change: Backing your winners
What was once the preserve of the underperformer is now shifting towards the prized asset
IPEM TV 2020: direct investing still tricky, says Coller's Francois Aguerre
Aguerre explains why co-investments will likely remain a preferable option for large LPs
Direct lenders eye secondaries market for first-gen funds
Several European direct lenders are speaking to secondaries advisers about running processes on older vintage funds
Fund focus: Lexington targets growing Asia secondaries market
GP's ninth fund closed on $14bn, above its $12bn target, and will target secondaries opportunities in Asia
Secondaries volume up 25% in H1 – research
Setter Capital's latest research reveals a sizeable uptick in private debt deals, though private equity secondaries still dominate the market
LPs worry about alignment issues in GP-led secondaries – survey
Four out of five respondents in the latest Coller barometer highlight it as their biggest concern
GPs get picky on LP-led secondaries
Approved-buyers lists have emerged as a way for GPs to assert their power, but may not become commonplace just yet
Unquote Private Equity Podcast: Sotheby's to PEbay
Listen to the latest episode of the Unquote Private Equity Podcast, in which the team discusses the evolution in the secondary market
Video: catching up with Pantheon's Helen Steers
Steers shares her insights on emerging managers, the current fundraising environment, Pantheon's focus on secondaries, and more
Single-asset funds afford slow and steady pace
When a fund approaches the end of its lifespan, transferring the last remaining investment into a new vehicle is proving increasingly popular
Tail-end funds fuelling secondaries boom
Recent research shows the proportion of tail-end funds in secondaries transactions has been climbing rapidly, reaching a new record in H1 2018
Turbo-charged: How leverage is powering up secondaries
The use of leverage in secondaries has soared, as funds are continually seeking new ways to boost spending power
Secondaries: all systems go following bumper 2017
Following a slump in 2016, the global volume of PE secondary transactions increased last year to reach new records
Stapled secondaries moving upmarket
BC becomes the latest firm to benefit from a stapled secondaries deal, as some industry insiders anticipate a developing trend
