The need for founder and employee liquidity in small, pre-IPO companies has fuelled specialist secondaries activity since the dotcom-days. But as the market shifts towards employee liquidity programmes, regulators are keen to establish a ‘fair, liquid and transparent’ market.
3 min read · 13 March 2015
Complex structures, scale and breaching safe harbours top lawyers’ lists of challenges unique to today’s secondaries market.
2 min read · 27 February 2015
Sam Green, private equity investment officer at the Oregon State Treasury, talks dry powder, pricing and ‘tactical shifts’ in secondaries strategies.
2 min read · 20 February 2015
There are certain alternatives a company should consider in the 409A valuation process when permitting secondary sales, writes Ira Simkhovitch, a senior associate at Industry Ventures.
5 min read · 19 February 2015
Think you know the difference between a fund recap and a restructuring? Your peers might not.
3 min read · 13 February 2015
About 63 percent of investors surveyed by Investec are likely to use third-party debt for a secondaries acquisition in the future, explains global head of fund finance at Investec Simon Hamilton.
5 min read · 12 February 2015
2014 was the year of high priced fund books and cheap leverage, Coller Capital chief investment officer Tim Jones said.
2 min read · 06 February 2015
Leverage is not new to the secondary market, but it has become more prevalent and consequently LPs should keep an eye on the impact of its use, says Chason Beggerow, a partner at private equity advisory firm Altius Associates.
5 min read · 02 February 2015
Partners Group generated $77bn in private equity secondaries deal flow across 450 deals in 2014, but the firm remains selective in an increasingly competitive market, says co-head of private equity secondaries Adam Howarth.
2 min read · 02 February 2015
Perseus’ five legacy funds finally have a new owner in distressed investment firm Centre Lane, giving longstanding LPs a liquidity option. But it wasn’t your average secondaries deal.
3 min read · 30 January 2015
