North America

Inventory on the GP-led side of the business is high and the completion rate for such deals is said to hover around 50%.

More LPs are considering secondaries sales as pricing has strengthened since last year, with high-quality buyout funds capturing pricing at the 90% or higher net asset value range.

Money continues to flow into what many say is the most undercapitalised corner of private markets.

Iron Road Partners’ Igor Rozenblit – former co-head of the SEC’s private funds unit – details concerns and red flags the regulator will be looking for following the passing of its private market rules last year.

As secondaries activity accelerates, more traditional buyout shops are exploring adding these capabilities.

In episode five of the Decade of Secondaries Investing podcast miniseries, Iron Road Partners’ Igor Rozenblit and Ropes & Gray’s Isabel Dische discuss the regulatory landscape facing secondaries and analyse which rules are set to have the biggest impact.

The transaction involves five assets coming from three vehicles managed by the Jordan Company, Secondaries Investor understands.

LPs want liquidity and GPs want to be in a position to offer it to them, while both want secondaries volume.

In episode four of the Decade of Secondaries Investing podcast miniseries, sponsored by Ares Management, Dawson Partners and Proskauer Rose, we look at whether the region’s secondaries market can continue its winning streak.

Blackstone’s move to combine its GP stakes and secondaries businesses raises questions about how players in both markets should address potential conflicts of interests.