Pricing

Ahead of first-half volume reports, secondaries advisers share their views on what the market can expect in H2 following the latest wave of macro volatility.

Senior execs have been working to spell out why secondaries mark-up practices make sense following public scepticism from peers.

Rising retail flows offer a new exit route for infra assets, but they also create their own issues, infrastructure fund investment head Kate Roscoe tells Secondaries Investor.

While the GP-led market is booming, perceptions differ when it comes to rationale, valuations and alignment.

Pricing remains the biggest source of friction in secondaries negotiations.

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.