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European investors are turning to secondaries funds as they see a rising tide of activity in their home markets, but narrowing discounts and lofty valuations are also stoking concerns.
Partners Group is looking for non-traditional private equity secondaries deals and infrastructure secondaries opportunities in Europe’s brownfield market.
Hogan Lovells advised on £432m-worth of private equity and infrastructure secondaries deals last year.
Kirkland & Ellis advised on 50 secondaries deals in 2014, worth $7.5bn.
Lawyers, including Proskauer's Sean Hill, expect GPs to invest in more complex and non-traditional secondaries deals in 2015.
Internal transfers are less complicated than external transactions, but the same documentation is required, according to Nicholas Holman, co-head of the investment fund group at Hogan Lovells.
Acquisitions of listed funds of funds can present excellent opportunities for sophisticated buyers willing to navigate a public acquisition, explain Katherine Ashton and David Schwartz, of Debevoise & Plimpton.
Ted Craig, who focuses on fund formation, secondaries transactions and fund advisory, has been promoted to partner in the firm’s London office.
The Colombian division of Skandia Old Mutual isn’t investing in secondaries right now, but anticipates value in the secondaries market going forward.
FACTA has gone into effect and the AIFMD compliance deadline is right around the corner - all of which secondaries firms must be alive to.