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Declining multiples spell trouble for deals done in recent years, when valuations were at historic highs, said ex-Ardian secondaries head Vincent Gombault.
5 things
The 2021 annual advisory reports cover more facets of the market than ever. Here are some interesting findings, compiled by Secondaries Investor.
The €21bn transaction is the second large recap the firm has done in five months that utilised little or no secondaries capital.
FY 2021 SI fundraising cover
Sizeable closes from Coller Capital, LGT Capital Partners and others anchored fundraising in a year when many players entered the growing market.
star single one
Single-asset deals accounted for 52% of sponsor-led deals by volume in 2021, up from 38% the year before, according to the adviser's annual survey.
real estate growth
Large recapitalisations and a rebound in LP portfolio transactions drove real estate secondaries to the highest mark yet.
These figures represent an increase of around 120% YoY, driven by pent up buyer demand and a steady stream of high-quality LP- and GP-led opportunities.
While GP-led deals managed to retain their dominance over LP deals by a thin margin, both halves are poised for continued growth this year.
Number 5 On A Wooden Block On A Table, five
In the absence of market mammoths, firms raising for once-niche strategies such as concentrated-asset deals and preferred equity populated this year's list.
Winter thermometer
As private equity secondaries become more commonplace, a clear rationale for the value a transaction creates is key.

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