data snapshot

Activity is driven by secondaries and funds of funds aiming to lock in returns and liquidate old vehicles, according to managing partner Etienne Deshorme.

The top average bid for a buyout fund was close to pre-covid levels at the end of last year, with prices for VC and infra up in year-on-year terms.

Secondaries funds returned net IRR of negative 1.75% in Q2 – the only strategy to go into negative territory – according to the latest data from the industry body.

Around 38% of capital for secondaries was raised in the fourth quarter, with Goldman Sachs, AlpInvest and HarbourVest accounting for the bulk.

Infra topping the pricing chart and the rise of mosaic sales are two of the trends outlined by Greenhill's 2020 secondaries market review.

Buyers told Setter Capital they expect global secondaries investing to reach an all-time high of nearly $90bn this year.

Secondaries funds have raised record amounts so far this year and a big Q4 is likely – take a closer look at the figures in our latest interactive report.

Buyers will value a 'safe pair of hands' over pure return potential until the market stabilises further, according to Elm Capital.

The proportion of respondents who are 'not concerned' about liquidity was 81% across the summer, compared with 46% in the spring, according to a survey by the advisory firm.

More than four out of five of funds to transact in the first half of this year were 2013-vintage or newer, up from half at the end of 2019.