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Chris Witkowsky

The secondaries market has quickly moved from traditional sales of LP portfolios to transactions that give GPs more time with certain assets while allowing LPs in older funds to grab liquidity. 
The process fell apart once the pandemic broke out and markets shut, which had an impact on CAA’s business with live events and entertainment production delayed and canceled.
LP portfolio sales, the most traditional form of secondaries, have largely stopped as buyers look for ways to appropriately price the diverse underlying assets held within the PE funds.
Partners Group meanwhile has been raising its Partners Group Secondary 2020 program targeting $4 billion.
Single-asset deals accounted for 30% of GP-led transactions in the first half, up from 20% in 2019, according to Evercore.
The firm's deal pipeline is stacked as the market dislocation motivates business owners to look for ways to cash out and to find ways to grow and digitize business practices.
Perhaps most importantly, watch who takes leadership roles on the various legislative committees in Congress that impact private equity, as well as key positions in the administration.
More than 170 business leaders signed a letter asking for Congress to certify the electoral victory of president-elect Joe Biden and vice president-elect Kamala Harris.
The move is the latest in the two-way flow of talent to and from the government and the private equity world.
Hellman & Friedman’s process, along with others like Clearlake Capital’s single-asset secondary deal to move Ivanti out of an older fund, is a sign that the most high-profile GPs are comfortable using the secondary market to preserve ownership of older assets.
buyouts
buyouts

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