Amy Carroll
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.
There are various stages involved in getting these deals over the line, though greater levels of complexity can stretch timelines.
A proliferation in specialist funds and an increase in LP- and GP-led dealflow all point to the maturation of the infrastructure secondaries industry.
M&A advisory businesses and mega-managers are storming a flourishing secondaries industry but are there enough opportunities to go round?
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