Increased competition, speedier transactions and market maturation are among the factors impacting fees advisors earn when brokering fund stake sales.
With a degrading macro and a stock market plunge, investors may have to face some old daemons such as the denominator effect, which may reappear on CIOs’ agendas, explains Thomas Liaudet, a partner at Campbell Lutyens' secondary advisory team.
General partners – with and without troubled funds – are increasingly seeing the secondaries market as a fundraising tool.
Retail investors weren’t the only ones rethinking their moves in the midst of recent public market flux.
Fabian Neuenschwander, senior vice-president at Partners Group, says that although some private equity groups with large secondaries capability may enter the real estate secondaries market, the supply/demand imbalance is likely to remain for some time.
An inside look at the latest market transaction reports and why they differ.
Reporter Adam Le here, filling in while Marine's on the West Coast. Two stories I reported on this week stood out in my mind as they both involved older funds and how – and whether – to find value in them.
The supply of real estate secondaries is increasing dramatically, but it remains to be seen whether there’s enough demand to absorb it all.
Deals are being done faster than ever, with binding bids coming in within a week or two, and large sales completing in half the time. That’s the key takeaway from Greenhill Cogent’s half-yearly volume and transaction data, but there are a couple of other driving factors too.
While the secondaries market is providing a convenient avenue for limited partners to sell fund stakes and access to liquidity, alternatives such as preferred equity have become welcomed opportunities for LPs looking to preserve portfolio upside, explains Pierre-Antoine de Selancy, managing partner and co-founder of London-based 17Capital.
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