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Assets that are typically two-to-five-years old could account for 85% of total annual deal volume by 2023, according to Partners Group's latest market outlook.
The niche secondaries specialist, which spun out of Coller Capital in 2004, has already done 10 deals with its recently closed Fund IV.
The median top price for buyout funds was 98% of NAV, according to research by Elm Capital.
LPs are coming to accept that big discounts on entry don't necessarily mean strong returns, an industry conference has heard.
risk
Secondaries is a strategy open to several hidden risks and investors need to be aware of potential pitfalls.
Buyers and sellers' expectations need to stay within touching distance of each other for a successful market.
A stake in the Dutch PE firm's 2015-vintage fund sold for 121% of NAV, according to a survey of recent transactions by the online marketplace, with average pricing at par.
Sunaina Sinha
Right of First Refusal clauses can mean buyers face hurdles on certain fund stakes when bidding on a portfolio. Sunaina Sinha, founder of Cebile Capital, talks to Secondaries Investor about how buyers use pricing allocation to ensure they acquire whole portfolios.
The investment manager has sold more than €150m of tail-end stakes from its primary vehicles and evergreen mandates.
The market is too competitive and those who bought stakes after the global financial crisis look like 'super smart money' now, the $65bn fund's director of investments Stephen Moseley tells Secondaries Investor.
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