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The private equity secondaries market: a Cinderella story

The secondaries market's transformation into a $70bn market is due to both a wave of the Fairy Godmother’s wand and the payoff for years of scrubbing floors, write Houlihan Lokey's Jeff Hammer and Paul Sanabria.
jigsaw, challenge

ILPA’s GP-led guidance comes with implementation challenges

Disclosure, the role of the LPAC and status quo options may make some GP-led restructurings unaligned with the industry body's guidelines, according to Cleary Gottlieb.

How GPs can take the lead on GP-leds

On the heels of ILPA’s recent best practices on GP-led secondaries, BRG’s Finbarr O’Connor and Gavin Farrell take a practical look at issues important to LPs, and how GPs can address the guidance as they formulate transactions.
man think how to solve the problem

Access Capital on how to decide when to sell FoF stakes

Co-founder Agnès Nahum and partner Alexandre Delos discuss how the firm uses secondaries as a portfolio management tool and how fund duration and market cycles influence its decision to sell stakes.

The cost of restructuring a fund

Tom Angell, partner at financial services firm WithumSmith+Brown, dissects the results of sister publication pfm's Fees & Expenses Benchmarking Survey.

Who really benefits from single-asset transactions?

As the market evolves, the lines between direct secondaries and secondary buyouts are becoming increasingly blurred, writes Rede Partners' head of secondaries Yaron Zafir.

Yann Robard’s 7 tips for young secondaries professionals

As we release our Young Guns of Secondaries Class of 2018 ranking, secondaries veteran Yann Robard shares his advice for young people eyeing a career in the industry.

The seven problems with carried interest allocation

Simon Havers of executive search firm Odgers Berndtson details why carried interest allocation is not smooth sailing.

Defaulting on commitments: what happens

When an LP can't meet a drawdown request, what happens? What recourse does a GP have? Ed Hall from law firm Goodwin analyses the remedy and negotiation points in this extract from The LPA Anatomised.
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