Pricing

Stonehage Fleming and GreenBear Group want ageing funds wound up quickly to avoid issues such as questions around valuations. The secondaries market is a viable resolution route.

'It's been a tough four years for private equity... and it's why DPI is IRR today – not the new IRR – it is IRR today,' Matthew Roche, partner with StepStone Group said.

The sale is expected to be the first in what could be a series of fund stakes offerings by the sovereign fund as it works to manage its portfolio.

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.