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Dave Philipp
Access to incremental debt capital can support follow-on investments in existing portfolio companies to preserve or enhance fund NAV, writes David Philipp of Crestline Investors.
Canada
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.
glass slipper
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.
As the market evolves, the lines between direct secondaries and secondary buyouts are becoming increasingly blurred, writes Rede Partners' head of secondaries Yaron Zafir.
Partners Group's senior vice-president of private infrastructure, Dmitriy Antropov, discusses the unique characteristics of the space's secondaries market, and who the major participants are.
Single-asset transactions, a growing part of the secondaries market, can offer unique benefits to all parties, write Evercore’s Nigel Dawn, Francesca Paveri and Dave El Helou.
Fund finance
NAV-based lending facilities can be more effective – and encounter less resistance from LPs – than preferred equity, says head of transactions at Rede Partners Magnus Goodlad.
Henry Zhang Morningside
The strategy should be known as private portfolio investing, says Morningside founding partner Henry Zhang, arguing the name better captures its actual activities.
The use of leverage in the secondaries market has helped drive pricing and deal volume, but not all investors use the same type of leverage, explains Sunaina Sinha, founder of Cebile Capital.
Partners Group's senior vice-president of private infrastructure, Dmitriy Antropov, on why valuation and modelling of assets is different in infra secondaries in this final part of an extract from The Secondaries Market.
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