GP-Leds

The CV market is increasingly focused on 'best practice terms' rather than simply getting deals done, partner Joe Zargari tells Secondaries Investor.

Rising retail flows offer a new exit route for infra assets, but they also create their own issues, infrastructure fund investment head Kate Roscoe tells Secondaries Investor.

Over half of CVs have carried interest waterfalls with both IRR and MOIC return thresholds, according to the law firm's upcoming report on CV term trends.

Some LPs are finding themselves as forced sellers in CVs because of the length of time given in election periods.

Even though some return mechanisms secondaries buyers have historically looked to are less attractive in today's market, the OCIO firm is encouraging its clients to participate in the growing secondaries market both as a buyer and to reshape its programmes as a seller.

Cross-fund investments are generally used for single-asset CVs as secondaries investors expect GPs to be 'as much all-in on trophy, crown-jewel assets as they possibly can be', according to William Blair’s Tom Marking.

While the GP-led market is booming, perceptions differ when it comes to rationale, valuations and alignment.

The secondaries market is poised for continued growth and innovation, as well as increased regulatory scrutiny.

While secondaries buyers are inundated with opportunities, maintaining deployment pace can nonetheless be challenging.