Longer holding periods have created ‘a pent-up demand’ for liquidity, Cipio says.
Cogent suggests the private equity secondaries market saw $27.5bn of deal volume last year – and is set to grow by another 10% in 2014.
The Canada-based secondaries broker reckons $36bn of activity took place across asset classes including private equity, real estate, infrastructure and timber.
Setter Capital reached its estimate by extrapolating from the stated activity of 70 large buyers.
Toronto-based secondaries advisor Setter Capital puts secondary transaction volume at more than double the previously reported figure – and predicts that 2013 will be a record-breaking year.
The secondaries market globally is ramping up as large amounts of dry powder strain dealflow, according to an SEI survey.
There’s a vacuum at the smaller end of the secondaries market, argue Capital Dynamics’ Joseph Marks and Sandro Galfetti.
LPs need to be pushing harder to realise value from venture funds that are 10-12 years old, a report suggests – which may be good news for secondaries players.
Growing pressure to restructure poorly-performing portfolios dating from the boom years has resulted in direct secondaries doubling their share of the market since last year, according to Triago.
The performance of a vintage year can be linked to a specific J-curve, fresh research has found.