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Landmark estimates $64bn of dry powder for secondaries – not that much in the scheme of things, but a great deal more might not be healthy either.
Brand name secondaries funds are driving up prices in Asia, according to a memo from UK law firm King & Wood Mallesons SJ Berwin.
Ardian has invested an eye-catching $8bn on secondaries deals in the past year – and could possibly prove that high prices won’t prevent GPs from finding value for investors.
Shares sold on the secondaries market usually garner discounts, according to a white paper from investment and advisory firm Arnerich and Massena.
The Portland, Oregon-based firm says it has never paid a premium for any assets on the private equity secondaries market.
Secondaries firms are more selective and may use a different discount rate when pricing assets in emerging markets, according to Partners Group.
The online secondaries platform has already transacted more deals this year than in 2013.
CBRE Global Multi Manager has completed just two real estate secondaries deals in Asia this year, according to Singapore-based managing director Adrian Baker.
SL Capital purchased the stake from the Royal Borough of Windsor & Maidenhead, Secondaries Investor reported earlier this week.
Leverage ratios and secondary market volume have little effect on real estate pricing discounts, according to research from Consilia Capital.
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