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GP-Leds
Alignment and specialisation come to the fore as the GP-led secondaries market matures.
The growth of GP-led secondaries represents a long-term, structural change within private equity, write Paul Sanabria and Jeff Hammer, global co-heads of secondaries at Manulife Investment Management.
Everything you need to know about GP-led secondaries, from pricing and conflicts of interest to third-party valuations and SEC proposals.
A round up of some the most noteworthy appointments from last year, as the secondaries market continued its game of recruitment musical chairs.
Secondaries investors can find unparalleled alignment in GP-led transactions with lower mid-market managers, says Christiaan van der Kam, head of secondaries at Schroders Capital.
PEI’s annual investor survey indicates that LPs aren’t rushing to exit every deal, but they do expect third-party valuations.
As GP-led deals have evolved, so too have the terms designed to create alignment of interest between all parties, say Proskauer’s Jordan Hurwitz and Natalie Scott.
More opportunities are opening up for buyers as GPs turn to the secondaries market for capital, but they must be selective if they are to achieve strong risk-adjusted returns, says Nate Walton at Ares.
The parties that bear the costs can vary according to the structure of the deal.
Access to trophy assets through transparent processes will underpin GP-led growth, say Evercore’s Alex Longden and Fred Stonell.
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