Repairing pre-crisis partnerships is a $100bn market, but the technical challenges are considerable and best practice remains a work-in-progress.
The need for founder and employee liquidity in small, pre-IPO companies has fuelled specialist secondaries activity since the dotcom-days. But as the market shifts towards employee liquidity programmes, regulators are keen to establish a ‘fair, liquid and transparent’ market.
Complex structures, scale and breaching safe harbours top lawyers’ lists of challenges unique to today’s secondaries market.
Think you know the difference between a fund recap and a restructuring? Your peers might not.
2014 was the year of high priced fund books and cheap leverage, Coller Capital chief investment officer Tim Jones said.
Perseus’ five legacy funds finally have a new owner in distressed investment firm Centre Lane, giving longstanding LPs a liquidity option. But it wasn’t your average secondaries deal.
Just three advisory firms accounted for nearly half of the estimated $52bn in secondaries activity last year.
Long-standing relationships and LP-friendly terms were key elements in HarbourVest’s €215m stapled transaction with Doughty Hanson.
Secondaries valuations have reached a record high; will they keep climbing in 2015?
The ICG-NewGlobe development highlights continuing shifts in the secondaries market.