Pricing

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.

Growth equity assets are seeing ‘pretty good’ bargains, yet the mismatch in valuation expectations may hinder dealmaking.

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.