The SEC’s decision to grant Coller Capital and Pantheon permission to shop their secondaries-focused evergreen vehicles to high-net-worth investors could prompt more players to follow suit.
The secondaries industry is stepping up its reporting of the performance of continuation fund exits as the supply of opportunities continues to outstrip the available capital for these deals.
ICG and Manulife closed on their respective debut LP-led and GP-led vehicles this week. Both firms believe the secondaries market will continue to specialise in this way – they’re just early adopters.
Kaiser Permanente has returned to the secondaries market with its third billion-plus portfolio in three years. As first-timers come to market, the secondaries market is hopeful more LPs will take a regular approach in the years to come.
As the LP-led market grows ‘white hot’, mosaic transactions are sparking debate among some practitioners over the impact on returns.
Following an era of innovation, secondaries now enters an age of capitalisation with new entrants joining the market, secondaries professionals told PEI Group’s NEXUS summit in Florida.
An increase in dealflow has shone a light on a number of roadblocks, including issues of alignment and short timelines
Is $1trn in annual deal volume achievable? What does the increase in new entrants to the single-asset buyside herald? Why do some firms not like leading deals? All questions up for discussion in Orlando next week.
Impact investing, especially in emerging markets, is a new frontier for most investors; secondaries transactions will ease them in.
Smaller discounts to NAV mean there is a potential window of opportunity that some LPs want to take advantage of before market dynamics change.
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