Private equity

The RMB secondaries market has concluded its first full cycle. While there are opportunities to be had, there are risks to be overcome to ensure sought-after returns, writes Nebula Advisors’ Stanley Geng.

The SaaS provider has generated large returns following Summit’s initial investment, with LPs given a range of options to roll or cash out during the CV process, Secondaries Investor understands.

‘The last several years have been very volatile… The fact that we still saw this record volume is remarkable,’ Jefferies’ Scott Beckelman tells Secondaries Investor.

The firm’s inaugural vehicle launched in June 2023 with a $4bn target, Secondaries Investor data shows.

Secondaries fundraising saw its second-strongest first six months across a six-year period, with Q1 accounting for the bulk of activity.

The pension plan is hoping to reduce its allocation to buyout assets, increase its liquidity and cull ‘inactive’ GP relationships.

The London-headquartered manager has made hires from Ardian and UBS to co-lead the strategy, and has launched a debut fund, Secondaries Investor understands.

Introducing Secondaries Investor’s new and improved Advisory and Law Firm surveys – a more granular way of tracking an increasingly sophisticated marketplace.

Ahead of first-half volume reports, secondaries advisers share their views on what the market can expect in H2 following the latest wave of macro volatility.

Secondaries Investor’s list of buyers’ top book and podcast recommendations offers something for everybody to enjoy on this year’s vacation.