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With GP-led deals now a bigger market than LP stakes, managers will do well to ensure the market maintains its momentum.
Igor Rozenblit
The former co-head of the SEC private funds unit speaks to Secondaries Investor about risks in the technical aspects of restructuring transactions.
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Tyrus Capital's Gunter Waldner, formerly of AlpInvest Partners, says the market is still littered with downside risks, making disciplined asset selection more important than ever.
risk, dominoes
Buyers are used to dealing with currency or concentration risk, but information asymmetry is trickier to price.
The finding of a study conducted by 17Capital and PERACS justifies that investors often require a greater discount when investing in a tail-end fund.
Lawyers, including Proskauer's Sean Hill, expect GPs to invest in more complex and non-traditional secondaries deals in 2015.
There's a new wave of supply in emerging market secondaries and buyers with local expertise are best placed to exploit these opportunities, says PineBridge's Valerie Chen (pictured), Cristina Alcaide and Amit Mahajan.
Buyers need to understand how to mitigate risks such as alignment and asset allocation when acquiring LP fund interests.
The price of an LP fund interest can end up being the same as the interest’s NAV because secondaries sellers and buyers have difficulty understanding accounting nuances when negotiating terms, according to Duff & Phelps' David Larsen.
FACTA has gone into effect and the AIFMD compliance deadline is right around the corner - all of which secondaries firms must be alive to.
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