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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.
3 key trends
Alignment and specialisation come to the fore as the GP-led secondaries market matures.
GP-led Secondaries 10 questions
Everything you need to know about GP-led secondaries, from pricing and conflicts of interest to third-party valuations and SEC proposals.
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PEI’s annual investor survey indicates that LPs aren’t rushing to exit every deal, but they do expect third-party valuations.
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The parties that bear the costs can vary according to the structure of the deal.
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Transparency is key to managing conflicts and enabling alignment of interest.
Sail boat sailing into the sunset
Conditions are favourable for deal-by-deal transactions, adding to the growing ocean of manager types in an already competitive market.
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GP-led processes overtook traditional LP deals as a proportion of secondaries volume in 2020, and now account for around half of transaction volume.
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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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