Pricing

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.

Secondaries investors expect pricing for GP- and LP-led deals to mostly increase or stay the same, with few expecting decreases.

New entrants and pricing are driving deals and could spur record volume, global head of Blackstone Strategic Partners Verdun Perry tells Secondaries Investor.

Research suggests evergreens can pay 6 points higher on average for LP portfolios than closed-end funds – findings that may not fully reflect all market dynamics.

LP-led deals accounted for $40bn of the $68bn of global secondaries volume seen in H1 2024 as bid-ask spreads narrowed.

The €255bn unit of French financial giant BNP Paribas Group wants to sell a bundle of private equity and infrastructure stakes, Secondaries Investor has learned.

The Dutch pension giant had brought a portfolio worth $2bn-$3bn to market, Secondaries Investor reported in June.