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Will the strategy remain attractive after markets rebound?
While smaller buyers are finding innovative ways to back covid-impacted assets, the flight to quality continues at the larger end.
The health crisis has been an exogenous factor that has led some LPs to 'reassess from the ground up', according to the Blackstone unit's Europe head.
open door
The sheer scale of GP-led secondaries is enormous. But with turnover still marginal, the LP side is also poised for exponential growth.
M&A advisory businesses and mega-managers are storming a flourishing secondaries industry but are there enough opportunities to go round?
The crisis has put pressure on the relationships between GPs and LPs. As many look to renegotiate fund terms, what will the lasting effects be?
The pandemic has thrown up some unexpected issues for secondaries market participants, including a sponsor who threatened litigation over a stapled deal.
Falling distributions and increased capital calls are catalysing sellers, serving up prospects for discerning buyers, says Pomona Capital’s Michael Granoff.
Almost two-thirds of investors said they expect capital calls to exceed distributions in 2021, according to a survey by Montana Capital Partners.
Astorg Paris secondaries single asset GP led
Managing partner Daniel Benin discusses the firm's €1.6bn fundraise and how the new economy brought about by covid-19 will manifest in the secondaries market.

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