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.
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.
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.