A Decade of Secondaries Investing

A Decade of Secondaries Investing celebrates 10 years of Secondaries Investor with reflections on key trends that have shaped the market, as well as a glimpse into what likely lies ahead.

When this publication launched in 2014, the market was just finding its momentum. In 2014, total secondaries volume came in at around $47 billion. Roll on 10 years and annual volume has more than doubled. There is every indication the next decade will be no less eventful, or transformative.

In this special collection, revisit how far the sub-asset class has come and preview where it’s headed next via a podcast miniseries that features some of the most influential leaders in the market, as well as an interactive timeline of milestones along the journey.

Track the evolution of the secondaries market from 2014


LATEST EPISODE


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Episode 3: From frustration to longer holds with single-asset continuation vehicles

Secondaries Investor senior reporter Madeleine Farman talks to Harold Hope, global head of secondaries at Goldman Sachs Asset Management, and Holcombe Green, global head of private capital advisory at Lazard. Each explore the use of single-asset deals and analyse how the market is responding to them.

ALL EPISODES

Episode 1: From financial crisis to secondaries sales

Secondaries Investor senior editor Adam Le sits down with Katherine Ashton, partner at Debevoise & Plimpton, and Michael Granoff, CEO and founder at Pomona Capital. Each give insight into how the Volcker Rule and other post-GFC legislative frameworks spurred secondaries sales.

Episode 2: Zombie funds to continuation vehicles

Secondaries Investor senior editor Adam Le catches up with Nigel Dawn, global head of private capital advisory at Evercore, and Verdun Perry, global head of Blackstone Strategic Partners. They focus on the development of continuation vehicles and how blue-chip sponsors came to embrace their use.

Episode 3: How concentrated GP-leds rose to prominence

Secondaries Investor senior reporter Madeleine Farman speaks with Harold Hope, global head of secondaries at Goldman Sachs Asset Management, and Holcombe Green, global head of private capital advisory at Lazard. Each explore the use of single-asset deals and analyse how the market is responding to them.

Coming in May

Episode 4 (Sponsored): Will the North American market’s dominance continue?

This episode of A Decade of Secondaries Investing is sponsored by Ares Management, Dawson Partners and Proskauer Rose. In it, Secondaries Investor senior editor Adam Le is joined by Ares’ Edward Keith, Dawson’s Yann Robard and Proskauer’s Christopher Robinson to discuss the secondaries landscape in North America.

Coming in May

Episode 5: Inside the biggest regulation changes to secondaries

Secondaries Investor senior reporter Madeleine Farman sits down with Igor Rozenblit, managing partner at Iron Road Partners, and Isabel Dische, partner and chair of the alternative asset opportunities group at Ropes & Gray. The two discuss the regulatory landscape facing secondaries and analyse which rules are set to have the biggest impact.

Coming in May

Episode 6: The birth of programmatic secondaries sales

Secondaries Investor senior reporter Madeleine Farman is joined by Jeffrey Keay, managing director at HarbourVest Partners, and Adrian Millan, partner at PJT Park Hill. Keay and Millan take a deep dive into LP portfolio management and look at how institutional investors are using secondaries as a tool to manage private markets exposure.

Coming in May

Episode 7: Why non-PE secondaries are poised for growth

Secondaries Investor senior editor Adam Le chats with Jeremy Coller, chief investment officer and managing partner at Coller Capital, and Yann Robard, managing partner at Dawson Partners, to discuss how far the asset class has come in terms of specialisation and cross-asset-class appeal.

Coming in June

Episode 8: Closing the gender gap in secondaries

Secondaries Investor Americas correspondent Hannah Zhang catches up with Tori Buffery, partner at Morningside Capital, and Francesca Paveri, senior managing director at Evercore. Both give insight into the biggest challenges they have faced over the past decade in secondaries and how market participants can create a supportive environment for women to thrive.

Coming in July

Episode 9 (Sponsored): What secondaries looks like in Europe

In this special episode, sponsored by Proskauer Rose and UBS Asset Management, Secondaries Investor senior editor Adam Le is joined by Bruno Bertrand-Delfau, co-head of Proskauer’s secondary transactions and liquidity solutions practice, and Jochen Mende, head of secondaries at UBS Asset Management, to discuss the secondaries landscape in Europe.

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