Commentary

2014 was the year of high priced fund books and cheap leverage, Coller Capital chief investment officer Tim Jones said.

Leverage is not new to the secondary market, but it has become more prevalent and consequently LPs should keep an eye on the impact of its use, says Chason Beggerow, a partner at private equity advisory firm Altius Associates.

Partners Group generated $77bn in private equity secondaries deal flow across 450 deals in 2014, but the firm remains selective in an increasingly competitive market, says co-head of private equity secondaries Adam Howarth.

Perseus’ five legacy funds finally have a new owner in distressed investment firm Centre Lane, giving longstanding LPs a liquidity option. But it wasn’t your average secondaries deal.

FW Capital simultaneously marketed its third secondaries fund and its eighth primary fund of funds, which garnered a $180m capital overlap, said head of private equity Steve Baker.

Akina closed its debut secondaries fund on €220m thanks to a growing appetite for Europe from North American investors, explains head of secondaries Christian Böhler.

Just three advisory firms accounted for nearly half of the estimated $52bn in secondaries activity last year.

The infrastructure secondaries market will benefit policy-makers and investors by stimulating growth and promising attractive yields, writes Charles Ford, of counsel at Hogan Lovells.

Long-standing relationships and LP-friendly terms were key elements in HarbourVest’s €215m stapled transaction with Doughty Hanson.

There's a new wave of supply in emerging market secondaries and buyers with local expertise are best placed to exploit these opportunities, says PineBridge's Valerie Chen (pictured), Cristina Alcaide and Amit Mahajan.