Research & Data

The number of funds coming to market openly offering discounts for early-bird commitments or big ticket sizes is dropping, according to research seen by sister title Private Equity International.

The flight towards high-quality assets is ongoing as buyers wait for clarity on the real economic impact of covid-19, according to Jasmin Capital's head of secondaries.

Yuan-denominated funds have raised magnitudes more than dollar-denominated funds, though a lack of buyers has hindered the growth of a secondaries market.

Secondaries funds have raised record amounts so far this year and a big Q4 is likely – take a closer look at the figures in our latest interactive report.

Buyers will value a 'safe pair of hands' over pure return potential until the market stabilises further, according to Elm Capital.

The proportion of respondents who are 'not concerned' about liquidity was 81% across the summer, compared with 46% in the spring, according to a survey by the advisory firm.

The average high bid for buyout funds surpassed 90% of NAV in the three months to end-August, according to data from the intermediary.

The 10 largest secondaries funds in market are targeting a combined $50.05bn, roughly equivalent to the record amount raised in H1 2020.

The once niche strategy has gained traction in the face of stiff competition from banks and debt funds, data from the advisor's mid-year report show.

Buyers being cautious of imminent write-downs in H1 fuelled the lowest pricing since 2012, according to the advisor's latest mid-year report.