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Commentary

Thought leadership from the secondaries sector’s leading voices including legal experts, industry veterans, asset class specialists (from real estate to private equity) and academics.

2018: a year in Friday Letters

Secondaries Investor’s weekly letters, published every Friday, induce fulsome agreement, righteous anger and everything in between. Here are some of the most read and commented-on of 2018.

BRG: How to extract liquidity from tail-end assets

Executives from BRG discuss the alternatives to liquidity for mature funds that are struggling to access the secondaries market in this sponsored Q&A.

How secondaries will build the Great Wal(greens) of China

HarbourVest Partners’ single-asset restructuring is a prime example of how – if all interests align – such deals can be a perfect prescription for old assets with residual value.

Ardian: LPs demand a more customised approach

Investment solutions tailored to an investor’s needs are gaining in popularity, according to the investment firm's Martin Kessi and Krista Oertle.

The NEA spin-out – a glimpse of VC’s future

Goldman Sachs and Hamilton Lane's backing of a $1.35bn VC directs deal shows it is no longer a place where buyers struggle to write big tickets.

Secondaries: A bigger, more nuanced market

Armed with the most recent data, Nigel Dawn, senior managing director at Evercore, reflects on the market's growth, what has surprised him the most in its evolution and where he sees it heading in the next decade.

Why Korea is fertile ground for those seeking new LPs

Ardian has become the latest private markets firm to open an office in a country whose institutional investors are hungry for private markets.

How secondaries processes can show GPs the best exit

LPs worried about conflicts in fund restructuring situations may be reassured by Charterhouse’s sale of Comexposium.

Counterparty? What counterparty?

Buyers who acquire assets from a fund that is winding down need to be aware of several key issues, including the lack of a counterparty from which to recover any losses, according to Proskauer's Andy Shore.

Anatomy of an A-team spin-out

The spin-out of ABN AMRO's private equity unit to form Capital A shows buyers are willing to accept less by way of secondaries assets if they really like the team.

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