Hannah Zhang

An LP that reinvests the proceeds into a first-quartile fund would see their portfolio outperform the value of holding the tail-end asset by year two – even assuming a 20% discount, according to research from Upwelling.

Advisers encountered several pleasant surprises in 2024 – contributing to momentum that many expect to carry through the rest of this year.

The firm often needs to balance its institutional expertise with the specific needs of wealth capital to address concerns around liquidity and concentration risks.

The deal highlights GA’s ongoing use of CVs and ICG’s focus on single-asset transactions.

The average reported deal value per adviser went up $3bn from 2023, reflecting a surge in activity as secondaries activity hit historic levels in 2024.

The investment firm deployed $700m in GP stake secondaries alone in 2024, including a single transaction valued at over $500m, founder and chief investment officer Christopher Zook said.

The firm’s second GP-led fund, which closed on $4bn earlier this month, is over four times the size of its predecessor.

Private equity firms are winning over senior buyside talent as they look to make their mark in the secondaries market.

The $200bn pension now places a greater focus on the CV market, which is less crowded by retail capital, according to senior investment officer John Bradley.

Jeremy Weisberg will co-lead the secondaries strategy with Jared Wien, who recently joined A&M from Sun Capital.