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The Swiss-based investment manager believes private equity secondaries pricing could go higher still, but risky assets should be given a wide berth.
The New Mexico State Investment Council’s recent secondaries activity should encourage other LPs to take advantage of full pricing and demand.
Dry powder and auctions are pushing prices for LP interests higher, explains Ed Gander, co-head of global private funds group at Weil, Gotshal & Manges.
GPs taking the lead on liquidity events will draw more investors to private equity and drive secondaries pricing up, according to Neil Campbell, head of Tullett Prebon Alternative Investments.
The best secondaries market opportunities are found ‘off the beaten track’, and not through auctions, explains Hanspeter Bader, managing partner and head of private assets at Unigestion.
The average high bid price for LP fund stakes was 98 percent of NAV during the first half of the year, according to NYPPEX data.
Is the bid-ask gap for European real estate funds too wide to get deals done?
The price of an LP fund interest can end up being the same as the interest’s NAV because secondaries sellers and buyers have difficulty understanding accounting nuances when negotiating terms, according to Duff & Phelps' David Larsen.
New entrants are creating a competitive buy-side environment as the secondaries market becomes increasingly institutionalised, according to advisory firm Cattegatt.
Transaction prices rose across all alternative investment strategies during the first half of 2014, with buyout pricing leading the way and reaching 100% of NAV.
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