Weak IPO and M&A activity in Q3 will lead to average high bids falling by as much as 9 percentage points, according to a report obtained exclusively by Secondaries Investor.
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Secondaries funds themselves were among four strategies that had rises in pricing amid overall drops during the period.
Secondaries Investor has been in the Big Apple talking to market participants. Here’s how things look from North America.
Average high bids fell to 91% of NAV in the first quarter as buyers sought younger funds, according to data from PEFOX.
Opportunistic sellers are adding newer vintage funds to their portfolio sales in order to attract better pricing for the bundles, according to a report by the investment bank.
Investors are ever more selective and focusing on higher-quality assets, while other funds struggle, according to a report by the bank’s private fund group.
A decline in crude oil prices, the S&P 500’s worst ever start to a year, Brexit and growth fears in China all contributed to the drop in deal volume, estimated at $12bn.
Almost $16bn was traded on the secondaries market during the period amid high levels of excess cash, according to NYPPEX.
Buying and selling of private equity fund stakes is expected to increase over the coming year, according to a study by the global investment company.
Average high bids were 20% down this year compared with a year earlier, according to a report by advisory firm Setter Capital.