GP-Leds

The process on the 2006-vintage, $8.1bn Fund VI is being put to limited partners on Wednesday, Secondaries Investor understands.

Tom Angell, partner at financial services firm WithumSmith+Brown, dissects the results of sister publication pfm's Fees & Expenses Benchmarking Survey.

There is a cohort of crisis-era funds which investors would be better off getting out of or re-incentivising their GP.

As the market evolves, the lines between direct secondaries and secondary buyouts are becoming increasingly blurred, writes Rede Partners' head of secondaries Yaron Zafir.

Around 18% of buyout funds of vintage 2005-08 are at or near their hurdle rate, many of which will not provide any more distributions to LPs.

The increasing acceptance of GP-led deals has opened up opportunities in the smaller end of the market, but unique challenges arise when dealing with smaller funds.

The firm has advised on 10 complex secondaries transactions totalling $2bn, including one of Asia's first restructurings in 2016.

The secondaries firm has hired George Weekes, a former Canada Pension Plan Investment Board funds, secondaries and co-investment professional.

LPs should consider what an offer from a secondaries buyer means for a GP's future, according to panel participants at an industry conference in London.

David Enriquez, the $65bn pension's co-head of private equity, says the market needs to differentiate between types of process and their purpose.