Manulife’s Paul Sanabria on the key to success and red flags in GP-led deals

'The easy transactions to quickly pass on are those with bad motivations or with the wrong asset,' Sanabria tells Secondaries Investor’s Adam Le.

A GP’s motivation for doing a secondaries transaction is at the top of Manulife Investment Management’s list when evaluating GP-led opportunities in today’s market, Paul Sanabria, senior managing director and global co-head of secondaries at Manulife, tells Secondaries Investor’s Adam Le on the sidelines of PEI Group’s NEXUS summit 2024.

Manulife sees roughly four GP-led investment opportunities a week and has evaluated over 750 potential transactions in the last four years alone, Sanabria explained. The pair discuss the key points Manulife wants to see addressed in any continuation fund transaction it backs, red flags the team has seen in GP-led transactions and Sanabria’s predictions for secondaries market growth over the next five years.