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A study from fund administrator Gen II Fund Services sheds light on how fund managers expected the pandemic to affect their valuations.
Here’s a taste of what senior market professionals had to say about the state of the secondaries market in sister publication PEI’s recent roundtable.
Valuations and pricing have become closely linked as buyers put less emphasis on future upside when evaluating assets, according to Elm Capital.
The sovereign wealth fund giant had received interest from firms including Ardian over the sale of a portfolio potentially worth more than $2bn.
Buyers with an appetite for unfunded commitments could be an early beneficiary of coronavirus-related volatility.
Overall secondaries market volume is expected to drop by about 30% this year, according to a survey by Setter Capital.
David Larsen, a managing director at Duff & Phelps, says investors should seek guidance from their GPs as to likely discounts.
The economic shock caused by coronavirus is already filtering down into the asset class.
According to a survey by Palico, the 2015-vintage Lindsay Goldberg IV changed hands for 130% of NAV.
High valuations and macroeconomic fears are causing investors to pull back, according to Setter Capital.
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