Guest Writer
The growth of retail capital and secondaries buyer AUM is facilitating larger check sizes and reducing the need for syndication, say Simpson Thacher & Bartlett partners Drew Harmon and Lauren King.
Secondaries have become a central tenet of private equity, as sponsors increasingly turn to bespoke solutions to manage liquidity across the portfolio lifecycle, say W Capital Partners’ David Wachter and Todd Miller.
Specialization, globalization and increasing complexity are ushering in a new era for the continuation vehicle market, say Fried Frank partners Rhett McPhie and Andrew Rearick.
As private markets have continued to expand, the secondaries market has become increasingly indispensable in delivering liquidity to private markets, writes Dawson Partners’ Yann Robard.
Sellers are prioritizing price optimization over volume optimization, which means buyers can select the GPs and assets that they know and like best, says Northleaf Capital Partners’ Shane Feeney.
The private equity industry has outgrown its ability to self-monetize, making secondary investors a key component of the ecosystem, says Cullen Schannep, a partner at Lexington Partners.
The secondaries market continues to innovate, as the flexible structure of CVs lends itself to creative use cases and the capital flowing into these deals evolves, say Jefferies’ Ben Carper, Jason Morris and Joe Slevin.
Jeff Gendel, principal at Gen II Fund Services, digs into the challenges facing the fundraising market.
The past few years have tested the patience of LPs who are pushing GPs for exits, writes Adam Spence, of Partners Capital.
Differentiated partnerships can help GPs remain competitive and stay independent, say PACT Capital Partners co-founders Christian von Schimmelmann and Brian Vickery.