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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.
Secondaries transaction volume reached $17bn for the first half of the year, making the market very seller-favourable, according to Cogent Partners managing director Todd Miller.
The UPS Group Trust, which manages four pensions on behalf of its US employees, is opportunistic in the real estate secondaries market, according to Greg Spick.
When it comes to pricing, less-sought-after funds get a rougher deal compared their well-known peers, according to Toronto-based Setter's latest report on the secondaries market.
CHD China Fund, Pacific Equity Partners and CVC Asia top Setter Capital’s list of the most in-demand Asia-Pacific funds in the secondaries market.
As more money is put to work on the secondaries market, discounts have narrowed, according to research from placement and advisory firm Triago.
High asset pricing in secondaries has created a seller's market. Novice buyers must be aware of the due diligence required.
JPEL portfolio manager Greg Getschow outlines the publicly-listed firm's attitude to market sell trends and its investment strategy.