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Our ranking of the biggest secondaries fundraisers reveals a market reaching an inflection point.

Proposed reforms in the US aim to make an independent fairness opinion a requirement in GP-led deals.

Decision-making can be a resource-intensive process, although it is one that LPs are becoming more familiar with.

A round up of some the most noteworthy appointments from last year, as the secondaries market continued its game of recruitment musical chairs.

PEI’s annual investor survey indicates that LPs aren’t rushing to exit every deal, but they do expect third-party valuations.

The parties that bear the costs can vary according to the structure of the deal.

Transparency is key to managing conflicts and enabling alignment of interest.

An auction process is the most common means of price setting, but there are exceptions.

GP-led processes overtook traditional LP deals as a proportion of secondaries volume in 2020, and now account for around half of transaction volume.

LP capacity constraints and macro challenges made a sizeable dent in capital raising last year, but secondaries funds still managed to exceed 2018 and 2019’s total hauls.