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There is growing speculation that secondaries trading could surpass primary fundraising, as it has in the public markets, write Rod James and Amy Carroll.
The preferred equity and NAV lending specialist agreed to be acquired by Oaktree in March and closed its debut fund dedicated to NAV-backed lending in April.
LP scepticism, co-investors’ grievances and a disregard for fairness opinions were some of the secondaries-related themes to emerge at last week’s CFOs and COOs Forum in New York.
London-based Oliver Marcuse has worked on GP-led processes involving Mid Europa Partners and Arcus, as well as portfolio sales for LPs such as abrdn.
The firm has been building out its EMEA secondaries firepower in recent months with hires from Kirkland & Ellis and now Fried Frank.
Investing in GP-led continuation vehicles is an entirely different business to traditional LP secondaries, say Matt Jones and Michael Woolhouse at TPG GP Solutions.
The firm, which raised €2.6bn this week for its debut lending fund, is agnostic about whether it’s viewed via a preferred equity or credit lens.
The GP-led secondaries market continues to benefit from innovation and shows no signs of slowing down, say Akin Gump Strauss Hauer & Feld partners in this sponsored Q&A.
Innovative multi-asset transactions and deals that offer broad sector exposure are likely to be on the continuation fund menu this year, say Jeremy Duksin and Jonathan Abecassis in this sponsored Q&A.
Funds set up to allow sponsors to hold assets for longer typically must satisfy both an IRR and MOIC hurdle, research from law firm Paul Hastings has found.
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