Navigating full pricing, the rise of restructurings and the use of seller financing in today’s booming secondaries market were among the topics debated recently in New York at a PEI roundtable.
Most of the secondaries opportunities in Israel are in venture funds that have invested in hard core technology assets, but evaluating the underlying portfolio companies is a challenge for most buyers, says Alan Feld, co-founder and managing partner of Vintage Investment Partners.
CBRE is readying for an increase in one-off transactions that take advantage of immediate pricing opportunities, says senior managing director Philip Barker.
The Swiss asset manager has seen a lot of tail-end fund interests come to market, but they are often much lower in quality than what the firm is looking for, said head of secondaries Nico Taverna.
Ed Gander (pictured), London-based co-head of the global private fund group at Weil, Gotshal & Manges, and associate James Bromley explain their take on the difference between a fund restructuring and recapitalisation.
Sam Green, private equity investment officer at the Oregon State Treasury, talks dry powder, pricing and ‘tactical shifts’ in secondaries strategies.
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.
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.
Madrid-based Altamar has a broad Spanish-speaking LP base and is currently analysing Latin America’s secondaries market, says executive directors Ignacio de la Mora and Miguel Echenique.