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Secondaries advisers are adjusting to tricky market conditions after filling their boots during a record-breaking 2021.

A market downturn, diverging views on valuations and ‘risk off’ attitudes are causing many GP-led deals to be repriced.

With the halfway point of the year upon us, we look at the events that have defined secondaries in 2022 so far.

As the economy turns downward and the rationale behind GP-led deals changes, the SEC’s fairness opinion mandate could be a good thing for the secondaries market.

A simultaneous numerator, denominator effect may leave some LPs significantly overallocated at a time when their GPs are asking for re-ups.

While there are advantages to using an M&A process to set the price of a GP-led deal, buyers should not wear the technology out.

While secondaries activity shows no signs of slowing, LPs and GPs need to get on the same page about how to smooth out this process for institutional investors going forward.

Secondaries fundraising figures for 2021 came in more than $35bn shy of the prior year, but they were more impressive than they seem.

LPs should be aware that buyers often mark up assets to par on day one, even if they are acquired at a discount.

Family offices continue to make up a small percentage of sellers in the secondaries market, though the GP-led market is forcing them to think about their portfolios in a new way.