The growth and adoption of mid-hold equity is expanding the capital market toolkits of GPs and providing an alternative to single-asset CVs when an extended investment runway for portfolio company growth is the primary goal, write Audax's Kumber Husain and Daniel Green.
While rapidly changing market conditions can create significant bid-ask spreads, there are tools and concepts the secondaries market can borrow from M&A to get deals across the line.
It has become increasingly common for sellers to seek to negotiate a limit on their clawback liability, according to law firm DMX Partners.
While continuation vehicles may not always be the optimal solution for sponsors and LPs, other attractive liquidity solutions are gaining in popularity, writes Todd Miller, partner at W Capital Partners.
While continuation funds offer a solve for managing complexities in private credit, managers must be mindful of the challenges.
There are parallels between today’s secondaries market and the M&A market at large, writes Jonathan Graham, Lincoln International's head of private funds advisory Europe.
Infrastructure secondaries will benefit from the same drivers of turnover as the private equity market, write AXA IM Prime's Jean-Pascal Asseman and Faraz Qureshi.
Secondaries options can provide immediate compensation for start-up employees, boosting motivation, enticing future hires and restoring team momentum, writes Nate Leung from Sapphire Partners.
Helping to close the liquidity gap will create a boom for both the secondaries and primary markets, writes Coller Capital's founder and chief investment officer.
Stephenson Harwood's Gabriel Boghossian and Sarah de Ste Croix outline four main ways continuation funds in the real estate sector differ from their private equity cousins.