LPs

The Boston-based asset manager is in market with flagship secondaries fund Dover Street X.

We caused a stir with reports of unnamed LP defaults last week; was it a storm in a teacup?

An overhang of LPs wanting to sell stakes in funds could delay transfers in order to conform with publicly traded partnership rules.

Two European LPs have already defaulted on capital calls, and more are rumoured, creating a potential pool of early secondaries opportunities.

The retailer at the centre of one of last year's largest single-asset deals is preparing for a 'very tough' Q2.

Limited partners who have piled into the asset class in recent years could be left severely overweighted in private equity unless public markets see a significant recovery.

David Larsen, a managing director at Duff & Phelps, says investors should seek guidance from their GPs as to likely discounts.

Higher fees and difficulty in agreeing on side letters with secondaries funds were among the reasons given.

The vehicle will be the firm's second flagship after becoming an independent entity in 2017.

Trustees of the £250bn Nationwide Building Society's pension turned down the chance to invest in a secondaries fund because they saw it as an unnecessary 'intermediary'.