Credit Suisse's 2022 Secondary Market Review expects GP-leds to experience a resurgence in 2023 after being outpaced by LP-leds last year.
The portfolio is among several large trades that have hit the market this year and that are helping to drive LP secondaries inventory to more than $20bn.
Alignment and specialisation come to the fore as the GP-led secondaries market matures.
Everything you need to know about GP-led secondaries, from pricing and conflicts of interest to third-party valuations and SEC proposals.
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.
Conditions are favourable for deal-by-deal transactions, adding to the growing ocean of manager types in an already competitive market.
GP-led processes overtook traditional LP deals as a proportion of secondaries volume in 2020, and now account for around half of transaction volume.
Processes that don’t offer a status quo option have begun to crop up more frequently in the GP-led market.
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