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Venture
The market passed the $100bn mark in 2021, according to research by VC secondaries specialist Industry Ventures.
valuation
The firm has seen several examples of transactions that it previously passed on being relaunched with refreshed pricing.
challenge
Impacts from the broader economy, such as inflation, geopolitical turmoil and slower growth, have made it tougher to value assets in secondaries processes, with a wide gap between buyer and seller expectations.
money
Of the sellers, 12% said they had tapped the secondaries market to offload private credit fund interests more than once.
sky
The impact secondaries firm has shifted the focus of its clean growth strategy recently to preferred equity structured transactions from traditional LP interests.
Thermometer
GP-led activity is picking up thanks to a decline in exit activity during the pandemic and rising familiarity with the practice.
Institutional investors in real estate are becoming increasingly informed on the benefits of manager-led secondary deals in particular, writes Lazard's James Jacobs.
Uncertainty linked to the pandemic and other macro forces is driving an increase in real estate secondaries transaction volume.
portfolio
Oliver Gardey and Ryan Levitt discuss market volatility, the need for specialism in secondaries and the likely drivers of LP deals in 2022.
secret
Some public pensions appear to think any sunlight allowed on their private equity decision-making processes would cause irreparable damage to their ability to continue investing in the asset class.
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