Preferred equity

The appointment follows that of Daniel Lee as head of fundraising and investor relations for North America in April.

There are bright spots to look out for at a time when secondaries activity is largely paused with the global spread of covid-19.

The firm believes the four deal types represent a market opportunity of up to $8bn a year, according to US pension documents.

Preferred equity has become one of the options for GPs who need additional capital for existing portfolio companies.

Secondaries funds are more exposed to individual companies than ever and will play a significant role in seeing them through the crisis.

Portfolio finance can offer additional investment firepower or a source of liquidity, both of which are in high demand in the fallout from the pandemic, explains Augustin Duhamel.

The secondaries market offers various tools sponsors can use, regardless of the lack of visibility caused by the covid-19 crisis.

The preferred equity specialist has been in market since the first half of last year targeting €1.8bn for its fifth fund.

Secondaries market leverage use is facing its first real test. Whether it passes will have implications for the future health and reputation of the industry.

Managing directors David Fox and Fokke Lucas talk about challenges in their roles and their advice to people wanting to enter the industry.