Commentary

Takeaways from Ely Place’s private debt survey

A survey from the credit secondaries advisory firm suggests the strategy has continued its ascent with more deals, stiffer competition and a wider group of participants.

Five recent trends impacting continuation fund SPAs

Lawyers from Skadden, Arps examine how sale and purchase agreements have evolved to better fit sponsor-initiated processes.

NAV financing presents an ESG challenge

Uncertainty about the use of proceeds poses an issue for NAV lenders looking to manage ESG risks.

Is it even really worth leading a deal these days?

Reports of the benefits of preferential terms for investors who negotiate and structure a deal may be greatly exaggerated.

Manulife: Search for alpha in secondaries market sparks LP interest

Manulife Investment Management’s GP-led secondaries programme will seek out concentrated deals from the large-cap space through to the lower mid-market.

Private wealth’s one-stop shop for secondaries

The SEC’s decision to grant Coller Capital and Pantheon permission to shop their secondaries-focused evergreen vehicles to high-net-worth investors could prompt more players to follow suit.

From proof of concept to lasting record

The secondaries industry is stepping up its reporting of the performance of continuation fund exits as the supply of opportunities continues to outstrip the available capital for these deals.

The case for standalone LP-led and GP-led vehicles

ICG and Manulife closed on their respective debut LP-led and GP-led vehicles this week. Both firms believe the secondaries market will continue to specialise in this way – they’re just early adopters.

Five pitfalls to avoid in W&I insurance on continuation vehicle deals

Andrew Gofton-Salmond, UK head of W&I at Mosaic Insurance, and Gabriel Boghossian, head of secondaries at Stephenson Harwood, explore the growing use of W&I insurance as a way of de-risking GP-led secondaries transactions and highlight some pitfalls to avoid.

Mike Catts, partner at Hollyport Capital, on the legacy opportunity in secondaries

Hollyport closed its eighth flagship fund, along with its first-ever co-investment vehicle, at the end of 2022 on more than $2.2bn.