Despite a growing number of new entrants, buyers aren’t concerned about increased competition in this abundant part of the market. How long can this last?
Retail capital focuses on liquidity and consistently high returns – factors that don't always found the basis of a long-term partnership in private markets.
While some investors recognise the benefits of evergreen funds participating in GP-led deals, others view the space as a ‘wild west’ that requires greater discipline.
By appealing to retail and large institutional investors, mega-managers may end up with the lion’s share of capital, with implications for themselves and their investors, writes Cambridge Associates’ Andrea Auerbach.
As StepStone and Greykite’s €1.5bn recapitalisation shows, some of the most compelling deal opportunities are coming from non-real estate sponsors.
The small buyout specialist's latest secondaries vehicle surpassed its $1bn target and will invest in both LP- and GP-leds.
Investor enthusiasm for secondaries is no secret, and it has manifested in some eye-popping fundraising figures.
Secondaries Investor launches its inaugural Global Market Survey to map the market, its drivers and the changing nature of the asset class.
While '40 Act funds haven't yet moved market pricing in GP-led deals, these evergreen funds are 'certainly are participating and creating syndicate demand', Baird's GP solutions group co-head Jeremy Duksin tells Secondaries Investor.
GP-led deals will be a common staple within the small- and mid-cap markets, where there is more runway for company growth, head of secondaries Richard Wilmes told Secondaries Investor on the back of the firm's over €510m raise.