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When a CV asset goes bankrupt, if the restructuring plan calls for equity to be wiped out to make sure creditors are repaid, that includes CV investors and rolling LPs.
As the continuation fund market evolves and expands, it is inevitable that some of the assets would fall into bankruptcy.
While market participants disagree with its branding, exercises to rejig the underlying shareholder base of companies to provide liquidity are underway
While there is certainly a host of alignment issues LPs would like to see resolved, a number of investors have adjusted their policies to invest in continuation vehicles.
Eye-watering legal charges have been likened to ‘racketeering’; industry co-operation could solve the problem.
A recent GP-led process that came across our desks suggests the collaborative nature of the secondaries market is alive and kicking – for now.
Despite a couple of pulled-transaction anomalies, secondaries sales are still seen as a powerful tool for rebalancing portfolios.
The inclusion of adjacent strategies such as GP stakes and portfolio financing in volume reports shows how what matters to secondaries market participants is evolving.
Evercore’s latest Secondaries Market Review paints a reassuring picture for the multiple new entrants to the venture secondaries market.