LPs aren't selling their stakes in African private equity funds because of risks like Ebola in West Africa, says EY's Graham Stokoe.
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.
There is a lot of opportunity to restructure dysfunctional funds in continental Europe, particularly in Germany where direct secondaries specialist Evoco sees the most promising situations, says co-founder and partner Michel Galeazzi.
Multi-family offices are more educated on the secondaries market, although single-family offices are increasingly becoming interested, says François Gamblin, chief executive officer of SecondCap.
Slow growth in Europe is having a negative effect on real estate fund pricing, although transactions should increase in the coming years, according to Landmark managing director Paul Parker.
GP-led restructuring transactions have become more acceptable for buyers and are expected to be a growing trend over the next few months, according to Credit Suisse private fund group director Mark McDonald.
Axiom Asia invests about 20% of its fund of funds in secondaries and co-investments but hasn’t seen any GP restructuring deals attractive enough to pursue, says head of secondaries Alex Sao-Wei Lee.
The best secondaries market opportunities are found ‘off the beaten track’, and not through auctions, explains Hanspeter Bader, managing partner and head of private assets at Unigestion.
It could take between five to seven years for Asia's direct secondaries market to mature, according to Amit Gupta, partner and chief operating officer at NewQuest Capital Partners.
The Canada Pension Plan Investment Board plans to invest $10bn in the secondary market in the next five years, explains vice president and head of secondaries and co-investments Yann Robard.
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