Amid the emergence of managers specialising in GP-led deals, advisors are still vital in a complex sector with inherent conflicts of interest, according to Yaron Zafir, head of secondaries at London-based advisory firm Rede Partners.
While secondaries deals are at their core simply trades, buyers have become more specialised, and advisors too have become more selective about the areas they compete in, according to Sixpoint Partners' Shawn Schestag.
Recent SEC focus on fund restructuring has put pressure on GPs to make sure their limited partners get fair treatment during the process. Molly Diggins, general counsel for advisory firm Monument, who says LPs should make themselves heard and ask for greater transparency.
Adam Howarth, co-head of private equity secondaries at Partners Group, explains how heightened anxiety in the market is impacting activity at the firm and why secondaries returns will become increasingly mixed.
High pricing and considerable dry powder means sellers can benefit from selling stakes, while secondaries players can also pick up attractive deals in the market - so which side is it better to be on in 2016?