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This largely institutional market has seen a spike in enquiries from family offices and high-net-worth individuals, according to speakers at the Fund Finance Association Symposium.
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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.
fundraising
The fund was targeting $550m to invest in smaller, less competitive secondaries deals across private equity, venture capital and natural resources.
family office
Speaking at PEI's virtual IR, Marketing & Communications Forum on Wednesday, a buyer said GPs may start to facilitate exits for LPs that want to streamline their portfolios.
capvis
Almost one fifth of LPs cite liquidity requirements as a motivation for selling fund stakes – a seven-year high – according to research by Montana Capital Partners.
fundraising
The firm will offer private equity, real estate, private debt and infrastructure products to clients and has recruited the Conversus team to lead the effort.
Family offices are twice as likely as institutional investors to sell private equity stakes due to poor manager performance.
Scott Conners, a former partner at the secondaries firm, will lead the private equity arm at Cresset, which caters for HNWIs and family offices.
The family office-focused advisory firm believes high pricing at the peak of the cycle coupled with longer holding durations will contribute to a fall.
A survey conducted by Private Equity International and Montana Capital Partners showed that the direct route is most popular, followed by GP-leds and small secondaries.
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