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Economic dislocation spurred by runaway inflation and rising interest rates is making it harder to close secondaries deals as the gap between buyer and seller pricing expectations widens.
Another relatively rare GP-led transaction has closed in the secondaries market, adding to the pool of ever-growing manager types in an already competitive landscape.
Rolling Funds VC
The market has been waiting to see what kind of reception TPG’s pool would attract from LPs, being a first-time fund and a new platform for the mega-firm.
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DigitalBridge has used secondaries market technology before, including a 2020 deal with Goldman Sachs Asset Management involving a preferred equity injection.
The misuse of common practices in the private equity industry could allow misalignment between LPs and GPs.
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Diagnostics business The Binding Site was part of a group of companies involved in the firm's landmark 2018 GP-led secondaries process.
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Board members referenced recent remarks from a Danish CIO that compared private equity to a ‘pyramid scheme.’
It’s all about alignment and outperformance when it comes to selling the idea of a GP-led; two reports this week suggest LPs and GPs have a way to go to get on the same path.
Continuation fund research
Investors who do not participate in GP-led secondaries could be incurring an opportunity cost of at least 15% over the long run, a study by Upwelling Capital Group has found.
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While North America has coalesced around a common process, some transactions in Europe are subject to different time frames and varying access to information, attendees at the BVCA Summit were told.

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