Amy Carroll
Proposed reforms in the US aim to make an independent fairness opinion a requirement in GP-led deals.
Decision-making can be a resource-intensive process, although it is one that LPs are becoming more familiar with.
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.
Everything you need to know about GP-led secondaries, from pricing and conflicts of interest to third-party valuations and SEC proposals.
The parties that bear the costs can vary according to the structure of the deal.
Transparency is key to managing conflicts and enabling alignment of interest.
An auction process is the most common means of price setting, but there are exceptions.
GP-led processes overtook traditional LP deals as a proportion of secondaries volume in 2020, and now account for around half of transaction volume.
Processes that don’t offer a status quo option have begun to crop up more frequently in the GP-led market.
Continuation funds have become a more common exit route, enabling sponsors to hold onto their star assets for longer.
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