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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.

As some GPs attempt to codify the removal of LPAC review and consent for continuation vehicles, they will face a ream of objections among investors.

There is misalignment between investors and GPs on the topics of obstacles, red flags and expectations, a Capstone survey finds.

Three of the young professionals from our list of up-and-coming secondaries leaders give their take on the GP-led market.

Continuation funds have become a more common exit route, enabling sponsors to hold onto their star assets for longer.

Buyers are increasingly splitting out their fund strategies as institutional investors seek specific risk/reward categories for secondaries.