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Secondaries pricing and transaction volume for the first half of the year are in line with last year’s figure, Greenhill Cogent’s semi-annual Secondary Market Trends and Outlook found.
Talking to market participants in Chicago this week, three clear themes emerged: buyers are becoming sellers, restructurings are here to stay and return expectation are way down.
With pricing at an all-time high, some sellers on the secondaries market aren't getting the prices they expect.
The announcement by the California Public Employees’ Retirement System that it plans to sell $3 billion-worth of real estate fund stakes comes at an opportune time for secondaries buyers and intermediaries who have been building teams and raising new dedicated funds targeting the sector.
Secondaries professionals also expect that returns will remain below 13% in the next three to five years, according to a recent survey.
JB Hayes, director of private markets at wealth management firm CTC/MyCFO, has been recommending his high net worth clients curb their investments in secondaries as pricing has reached new highs.
Discounts don’t necessarily lead to outperformance. So why are so many market participants fixated on them?
Investors' and GPs' views on secondaries valuations are diverging, according to a survey from SEI.
Pricing in the secondary market has begun to plateau but remains strong, despite a declining Euro and volatile oil prices, according to Greenhill Cogent’s first quarter secondary briefing.
Navigating full pricing, the rise of restructurings and the use of seller financing in today’s booming secondaries market were among the topics debated recently in New York at a PEI roundtable.
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