Secondaries

An increased need for liquidity and a lack of enthusiasm for preferred equity are two trends that emerge from the secondaries firm’s latest investor survey.

Rakesh Jain will help lead the firm’s expansion in private credit primaries, secondaries, co-investments and special situations.

Graham McDonald is leaving as part of a PE and VC restructuring process, the firm tells PEI.

The 10 largest secondaries funds in market are targeting a combined $70.5bn, compared with $39.45bn being sought by the largest debt funds, Secondaries Investor data show.

While the secondaries market may for many be just a portfolio management tool, the close relationship between LPs and GPs means the stigma of selling has not gone away completely.

Assets that are typically two-to-five-years old could account for 85% of total annual deal volume by 2023, according to Partners Group’s latest market outlook.

The firm will return to market after closing its latest primaries vehicle next quarter, Secondaries Investor has learned.

The Carlyle subsidiary has backed a number of headline deals this year.

A secondaries fund is set to rank among the largest PE funds ever, and dealflow continues to soar; but don’t expect growth to be unconstrained.

Almost one fifth of LPs cite liquidity requirements as a motivation for selling fund stakes – a seven-year high – according to research by Montana Capital Partners.