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Doug Cruikshank talks with senior editor Toby Mitchenall about the growing asset class: how it works, who it works for and what he thinks it can do for sponsors during an economic slump.
Fund finance
Dividend recaps and back-levered preferred equity are among the trends to emerge in the past year, according to a survey obtained exclusively by Secondaries Investor.
The 10 largest secondaries funds in market are targeting a combined $70.5bn, compared with $39.45bn being sought by the largest debt funds, Secondaries Investor data show.
There are signs that a big potential source of dealflow may be starting to develop in the private debt market.
risk
Secondaries is a strategy open to several hidden risks and investors need to be aware of potential pitfalls.
Richard Golaszewski, an almost decade-long veteran of the Japanese banking giant, has left to pursue a new opportunity.
A few dozen positions held in the 2005- and 2007-vintage Sankaty Credit Opportunities Funds II and III were moved into a separate vehicle in a deal that closed in early June.
Deal volumes so far this year point to a bigger first quarter than last year, according to advisor Triago.
Interactive charts showing return expectations, drivers of pricing, use of leverage and other key points from Evercore and Setter Capital's full-year reports.
Buyout stakes trading at 10% premiums to NAV last year were 'not uncommon'.
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