LP Sales

Here are responses from industry thought leaders including Goldman Sachs, Carlyle, Apollo and NYCRS across areas such as dealmaking, fundraising and secondaries.

The secondaries market is shrouded in uncertainty after this week’s volatility. There are, however, reasons to remain upbeat over the longer term.

As high interest rates, depressed values and fluctuating markets continue to squeeze investors, real estate secondaries is flourishing.

Montana Capital Partners acquired the interests via a strip sale which it then transferred over to a new vehicle managed by Prudential Financial.

Credit transactions accounted for 8% of the total $89bn LP-led volume last year, according to a report from Evercore.

A number of large-scale LP-led deals have moved through the secondaries market in recent years yielding good outcomes for sellers, William Blair director Jake Stuiver said in a video interview at NEXUS 2025.

While Ardian wants to make sure it gets the best pricing in its deals, the most indicative link back to the returns it generates is 'not necessarily what we pay, but what we buy', senior managing director Wills Small said in a video interview.

Secondaries were seen as offering the best investment opportunities for about 28% of LPs this year, up from 24% in 2023, according to a survey from Adams Street Partners.

Some LPs are thrilled with the options being offered amid rising portfolio sale activity, while others are less receptive.

Alaska Permanent Fund's deputy CIO for private markets, Allen Waldrop, explains why the SWF has been a buyer in the CV market and has not been a seller even when it has been overallocated to PE.