Pricing

Speaking at the CAIS Alternative Investment Summit last week, executives from both firms agreed asset quality has become a more important driver of returns.

Investors from German insurer Munich Re to Lithuanian family office Willgrow are jumping into the nascent asset class or considering doing so.

The real asset veteran, a keen buyer of infrastructure secondaries, says she is 'cautious' about touted pricing for infra secondaries transactions.

While '40 Act funds haven't yet moved market pricing in GP-led deals, these evergreen funds are 'certainly are participating and creating syndicate demand', Baird's GP solutions group co-head Jeremy Duksin tells Secondaries Investor.

Secondaries volume hit an estimated $105bn in the first half, according to Greenhill's H1 2025 Global Secondary Market Review.

While real estate assets can see discounts upward of 50% of NAV, buyers are still bullish on the strategy's long-term growth.

Private debt pricing has been consistently strong, with the lowest bid-ask spread among other asset classes.

The denominator effect will resurface in 2025, motivating LPs to sell into the secondaries market for active portfolio management, according to a report from PJT.

While there was a flurry of LP-led activity in Q1, much of this was driven by processes that fell into the new year from 2024, according to panellists at a BVCA secondaries summit last week.

The secondaries market anticipated a record year for activity in 2024. Don’t expect a slowdown over the coming 12 months.