Secondaries Investor Law Firm Survey 2022: Lawyers advise on a half-trillion in collective volume...
Law firms saw a huge increase in secondaries work during the period under review, with GP-led deals cementing their place as the most popular transaction.
Funds set up to allow sponsors to hold assets for longer typically must satisfy both an IRR and MOIC hurdle, research from law firm Paul Hastings has found.
The 2021 annual advisory reports cover more facets of the market than ever. Here are some interesting findings, compiled by Secondaries Investor.
The moves come three years after the LP representative body issued its initial guidance on GP-led fund restructurings.
Sizeable closes from Coller Capital, LGT Capital Partners and others anchored fundraising in a year when many players entered the growing market.
Single-asset deals accounted for 52% of sponsor-led deals by volume in 2021, up from 38% the year before, according to the adviser's annual survey.
Large recapitalisations and a rebound in LP portfolio transactions drove real estate secondaries to the highest mark yet.
While GP-led deals managed to retain their dominance over LP deals by a thin margin, both halves are poised for continued growth this year.
In the absence of market mammoths, firms raising for once-niche strategies such as concentrated-asset deals and preferred equity populated this year's list.
As private equity secondaries become more commonplace, a clear rationale for the value a transaction creates is key.
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