Secondaries transactions in the asset class often bring more direct and indirect tax issues than those in private equity, write Macfarlanes' James McCredie and Sarah Shucksmith.
Sponsors or GP-led secondaries processes should take care in the language they use to explain why they want to hold an asset for longer, writes Thiha Tun, a partner at Dechert.
Institutional investors in real estate are becoming increasingly informed on the benefits of manager-led secondary deals in particular, writes Lazard's James Jacobs.
Real estate could be the perfect asset class for GP-led secondaries, despite key legal and tax issues, says Steven Cowins, co-chair of Greenberg Traurig’s real estate fund practice.
Attracting the best candidates is as challenging as winning a deal, but firms can put those same strategies to work in their recruitment processes, says PER's James Ellis.
There is a universe of potential deals in asset classes such as infrastructure not suited to typical secondaries funds, says Daniel Roddick, founder of Ely Place Partners.
In an extract from a whitepaper aimed at LPs, Tradition's advisory team discusses the dynamic between bids, NAVs and public markets, and what it means for sellers.