Secondaries

The secondaries market is not just expanding, it’s also changing the entire real estate market, explains Kilian Toms, managing director, real estate partners strategy, at CBRE Investment Management.

Continuation fund will hold Wellspring portfolio companies SupplyOne, Cadence and Pentec Health, and includes $125m of unfunded capital for growth.

Shin Kong Life’s portfolio sale comes just weeks after Cathay Life sold $1.2bn of fund stakes to HarbourVest, as impending regulatory changes prompt insurers to rethink their private markets exposure.

In this podcast, Secondaries Investor’s Madeleine Farman, Adam Le and Hannah Zhang dig deeper into the latest advisory reports, discussing key trends seen last year and how this could translate into dealmaking this year.

The deal comes as LP secondaries sales keep steady and drive activity with strong pricing and sellers eager to capture liquidity from private equity portfolios.

New players will bring ‘significant amount of capital into… a market that’s capital-starved’, Evercore’s Nigel Dawn tells senior editor Adam Le.

Moonfare already has strong ties to the secondaries market, having partnered with Lexington in 2021 to help users sell their fund stakes.

The deal is an example of the kind of complex transactions LPs can use to capture liquidity from their private equity programmes at a time of slow exit activity.

‘The easy transactions to quickly pass on are those with bad motivations or with the wrong asset,’ Sanabria tells Secondaries Investor’s Adam Le.

LP sales continue to drive secondaries activity as limited partners look for ways to capture liquidity from their illiquid PE portfolios amid a slowdown in distributions.