Editor Insights

The treatment of co-investments in continuation vehicles could provide guidance on how things may play out when PE-backed portfolio companies with a broad-based employee stock ownership plan are rolled into a CV.

Two buyers outlined their approach to securing what they hope will be the best returns for LP-led transactions at a secondaries conference this week.

Your secondaries podcast fix is now available as a standalone channel with fresh episodes available every fortnight.

When a CV asset goes bankrupt, if the restructuring plan calls for equity to be wiped out to make sure creditors are repaid, that includes CV investors and rolling LPs.

As the continuation fund market evolves and expands, it is inevitable that some of the assets would fall into bankruptcy.

While market participants disagree with its branding, exercises to rejig the underlying shareholder base of companies to provide liquidity are underway

While there is certainly a host of alignment issues LPs would like to see resolved, a number of investors have adjusted their policies to invest in continuation vehicles.

Eye-watering legal charges have been likened to ‘racketeering’; industry co-operation could solve the problem.

A recent GP-led process that came across our desks suggests the collaborative nature of the secondaries market is alive and kicking – for now.

Despite a couple of pulled-transaction anomalies, secondaries sales are still seen as a powerful tool for rebalancing portfolios.