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Editor's View

Our in-house take on what news, trends and developments affecting the secondaries market means to its different participants. In these weekly commentaries we stir discussion and prompt debate as well as comment on issues important to market participants in a lively and thought-provoking way.

Divided over a key issue

Is investor focus on key person clauses misguided?

Three questions with Crestline’s Dave Philipp

Crestline, which is based in Texas, has shifted towards the preferred equity niche. Secondaries Investor caught up with the firm’s head of PE credit and fund restructuring to talk deal sourcing and increased interest in preferred equity.

Why secondaries love credit lines – and vice versa

Secondaries funds take full advantage of subscription lines, but subscription lines also benefit from the secondaries market.

Do ‘toe-hold’ primary positions still give buyers the edge?

Being a source of primary capital to the underlying GP can help you win a secondaries deal – as long as your competitors haven't had the same idea.

Restricting LPs’ freedom of movement

Not having negotiated subscription lines themselves, investors may be unaware of terms that could block sales of their interests, writes Andy Thomson, editor of sister publication Private Debt Investor.

Competing with big beasts

Canadian pension PSP Investments is planning to build an in-house secondaries team. How hard will it be for the LP to win deals?

Waiting for the boom

GP-led transactions are often predicted to be the next big thing, but that part of the market has remained stagnant. What needs to happen for that to change?

A boost from a brand name

Why a healthy fund of funds would be sold to an asset manager.

An engulfing deal

The biggest-ever private equity stapled deal is another example of the secondaries market’s innovation and creativity.

Preferred by specialists

The growth of preferred equity is an exciting market development. Are traditional secondaries players likely to get in on the action?