Secondaries

The biggest names in the secondaries market will gather in Florida at PEI Group’s NEXUS 2025 conference next week to map out the key trends that will shape the market in the year ahead.

Partial exits, continuation funds and NAV loans helped bring the industry’s cashflow to breakeven in 2024, according to Bain’s latest global private equity report.

Late last year, it emerged TowerBrook had used a continuation fund in a transaction to delist its portfolio company R1 RCM from NASDAQ.

While $1bn portfolios are a more common factor in the market today, New York City’s sale stands apart as among the largest of all time.

Despite closing its debut real estate secondaries fund below target, the manager perceives a lack of capital in the market relative to the opportunity set.

The word ‘record’ is now synonymous with 2024 in the secondaries market. Some have been left disappointed with how they were compensated.

Kylie Hart, co-founder of global executive search firm Norgay Partners, breaks down how the secondaries market has been compensated on the back of last year’s record secondaries volume, in the latest episode of our Second Thoughts podcast.

Last year saw 70 continuation vehicles close, with scores more hitting the market, according to data gathered by Secondaries Investor.

Small-cap secondaries funds have a number of competitive advantages over their larger counterparts, including higher discounts due to a mismatch in supply and demand, according to a new white paper from the Paris-based buyer.

The strategy, which will focus on providing strategic capital to lower-mid- and mid-market buyout GPs for add-ons, was launched in 2022.