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UBS: leverage and deferred payments on the rise

The number of leverage providers in secondaries has more than doubled over the last four years, according to the report obtained exclusively by Secondaries Investor.

UBS: quarter of buyers lower target returns

Drivers include increasing competition and record high dry powder, according to a report by the Swiss bank obtained by Secondaries Investor.

Declining secondaries returns push funds towards leverage

Fewer buyers sought IRRs of above 15% last year compared with a year earlier, a survey by advisory firm Cebile Capital has found.

Financing to tighten post-Brexit – survey

While more aggressive financing structures such as payment-in-kind notes may be off the table, deals are ongoing, experts say.

Secondaries’ dirty little secret

The majority of secondaries and fund of funds respondents to a recent survey by Investec said that while they use debt, they don't need it to be competitive.

AlpInvest’s view on leverage

Using debt to acquire portfolios changes the nature of secondaries investments, according to the head of the firm's fund investments team.

Dry powder highest among secondaries funds

High levels of dry powder and high pricing in the secondaries market is forcing firms to use leverage and chase staple deals to make purchases attractive.

UBS: large firms’ dry powder will grow – exclusive

The firm estimates there is about $55bn of dry powder in the secondaries market, up from $49bn a year earlier.

More liquid, more competitive

Leveraging a portfolio for liquidity can be similar to refinancing a property, but what effect does this have on the secondaries market?

Secondaries firms explore new uses of leverage

Secondaries firms are now broadening their view of leverage and considering its use to boost returns through dividend recaps and help minimise currency volatility.