Pricing

Jonathan Gray’s contention, that discounts on LP portfolios could increase, runs contrary to the trend this year of strengthening pricing.

There have already been some notable improvements in LP-led pricing in Q3 this year, according to a buyer survey from the advisory firm, shared with Secondaries Investor.

There were 15 $1bn-plus LP-led portfolios brought to market in the first half of 2023, and market participants anticipate more LPs will follow suit. How many transactions will get over the line?

Recent activity suggests buyers may be purposefully baking in more headroom as macroeconomic and market conditions remain challenging, according to data from Palico.

Finding the pricing sweet spot to satisfy sponsors, buyers and LPs is tougher than ever in today’s market.

Secondary pricing for buyout funds as a percentage of NAV fell from 97% for full-year 2021 to 88% in the first half, according to Greenhill.

Secondaries Investor caught up with Adrian Millan from PJT Partners to discuss a market that's becoming increasingly relevant to liquidity-squeezed LPs.

Public pensions drove the LP-led market in H1, as allocation pressures led them to sell despite worsening price dislocation, Campbell Lutyens found.

Private equity performance has held relatively steady compared with the pain in the public markets so far this year. That may start changing over the new few weeks.

While initial secondaries volume estimates point to a record first half, expectations for full-year 2022 may have to be revised downward.