News & Analysis

Europe-focused Springwater will invest the funds in opportunities brought about by market dislocation.

Of the sellers, 12% said they had tapped the secondaries market to offload private credit fund interests more than once.

A GP-led secondaries deal by Energy Capital Partners hints at future opportunities.

Secondaries-focused PA Capital joined forces with New York Life’s private equity affiliate GoldPoint Partners and lender Madison Capital Funding, rebranding as Apogem Capital in April.

Some large processes are hitting delays as pricing is shifting in the changing markets, and building large enough syndicates for mega-deals has become challenging.

The departures come soon after the fund finance specialist was acquired by Oaktree and following the close of its debut NAV lending fund on €2.6bn.

Sponsors or GP-led secondaries processes should take care in the language they use to explain why they want to hold an asset for longer, writes Thiha Tun, a partner at Dechert.

What was an exception is now mainstream, with buyers using leverage as bridging finance and to boost returns, according to Investec.

The alternatives manager has already raised more than $1bn of capital to invest in senior debt secondaries through two May fund closes.

The booming secondaries market is reflected in this year's survey, with several respondents closing on twice the deal volume recorded in pandemic-hit 2020.