Commentary

Ares’ purchase of Landmark raises a familiar real estate secondaries concern

Inheriting an indirect property business when that market is dominated by recapitalisation deals brings further conflict challenges that must be reconciled.

GP-leds ‘will fuel market growth’ – Greenhill

The deals are increasingly seen as an alternative to exit and will drive activity in Asia-Pacific say Greenhill’s Briac Houtteville and Lloyd Bradbury.

Portfolio Advisors: The case for GP-led secondaries

A positive selection bias, deep due diligence and strong alignment make GP-led secondaries an attractive proposition, write managing directors Brian Mooney and Stephen Sloan in this sponsored Q&A.

Travers Smith sees concentrated deals gathering pace

The appetite for recapitalisations of small numbers of high-performing assets is adding opportunities (and challenges) to the GP-led market, say Travers Smith partner Sam Kay and senior associate Ed Ford.

Why ‘secondaries’ is a misnomer

The strategy should be known as private portfolio investing, says Morningside founding partner Henry Zhang, arguing the name better captures its actual activities.

Three things to know about Ares’ acquisition of Landmark

Ares’ roster of sponsor and LP relationships will enable Landmark to enter the credit secondaries market, do deals in Asia and raise larger funds.

Evercore: GP-leds could disrupt traditional secondaries market

Innovation should drive the continued growth of the GP-led secondaries market, write Nigel Dawn and Ryan Rohloff in this sponsored article.

Neuberger Berman on growing tailwinds for GP-leds

More understanding of the benefits of the strategy among GPs and LPs may drive continued expansion, say Ben Perl, Ethan Falkove and Peter Bock in this sponsored Q&A.

Opportunities – and risks – abound in the secondaries market

Tyrus Capital’s Gunter Waldner, formerly of AlpInvest Partners, says the market is still littered with downside risks, making disciplined asset selection more important than ever.

LPs stand to lose from alleged sub line fraud

The idea of having to foot a bill to the tune of millions of dollars to a loan secured by a fiction serves as a wakeup call to investors, lenders and GPs alike.