Few firms invest in biotech and life sciences secondaries because it can be difficult to evaluate the portfolios, says Johannes Rabini, managing director of Berlin-based Sobera Capital.
Reaching the €100m hard-cap for this year’s annual offering took just three months.
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.
The city’s police and fire pension has lagged on deploying its private equity secondaries allocation. 

LPs aren't selling their stakes in African private equity funds because of risks like Ebola in West Africa, says EY's Graham Stokoe.
Landmark estimates $64bn of dry powder for secondaries – not that much in the scheme of things, but a great deal more might not be healthy either.
Acquisitions of listed funds of funds can present excellent opportunities for sophisticated buyers willing to navigate a public acquisition, explain Katherine Ashton and David Schwartz, of Debevoise & Plimpton.
Will we start to see more secondaries investors buying and selling infrastructure and real assets fund interests?
Two decades ago, Jeremy Coller’s entrepreneurial drive helped to create one of the world’s biggest secondaries platforms. Today, Coller Capital is a bigger, more institutional firm but there are still signs of that stubborn unwillingness to follow the crowd.
Ardian has invested an eye-catching $8bn on secondaries deals in the past year – and could possibly prove that high prices won’t prevent GPs from finding value for investors.
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