Commentary

To be continued…

While a rarity, managers are considering continuation funds on continuation funds, market sources tell Secondaries Investor. Could this become more commonplace across the longer term?

The Secondaries Investor Awards are coming!

Secondaries Investor is delighted to announce that all secondaries-focused categories from the PEI Awards will now stand on their own.

What happens when ESOPs meet continuation funds?

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.

StepStone: Bigger fund won’t change the firm’s focus

The firm is fresh off raising its largest fund ever, StepStone Secondary Opportunities Fund V, which totalled $7.4bn across its entire programme.

Chasing discounts or quality?

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.

Second Thoughts… let’s make this more regular

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

Four criteria for start-ups and VC investors when evaluating secondaries options 

Secondaries options can provide immediate compensation for start-up employees, boosting motivation, enticing future hires and restoring team momentum, writes Nate Leung from Sapphire Partners.

LPs view single-asset continuation fund risk just like co-investments

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.

When continuation fund assets go bankrupt

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

Jeremy Coller: We’re approaching secondaries’ finest hour

Helping to close the liquidity gap will create a boom for both the secondaries and primary markets, writes Coller Capital’s founder and chief investment officer.