Not having negotiated subscription lines themselves, investors may be unaware of terms that could block sales of their interests, writes Andy Thomson, editor of sister publication Private Debt Investor.
3 min read · 26 May 2017
In this third excerpt from sister publication Private Equity International’s secondaries roundtable, some of the market’s top participants discuss the use of leverage to boost returns.
3 min read · 19 May 2017
The number of leverage providers in secondaries has more than doubled over the last four years, according to the report obtained exclusively by Secondaries Investor.
2 min read · 15 May 2017
Drivers include increasing competition and record high dry powder, according to a report by the Swiss bank obtained by Secondaries Investor.
1 min read · 24 April 2017
Fewer buyers sought IRRs of above 15% last year compared with a year earlier, a survey by advisory firm Cebile Capital has found.
2 min read · 01 March 2017
While more aggressive financing structures such as payment-in-kind notes may be off the table, deals are ongoing, experts say.
2 min read · 20 July 2016
The majority of secondaries and fund of funds respondents to a recent survey by Investec said that while they use debt, they don’t need it to be competitive.
2 min read · 19 July 2016
Using debt to acquire portfolios changes the nature of secondaries investments, according to the head of the firm’s fund investments team.
1 min read · 04 May 2016
High levels of dry powder and high pricing in the secondaries market is forcing firms to use leverage and chase staple deals to make purchases attractive.
1 min read · 25 April 2016
The firm estimates there is about $55bn of dry powder in the secondaries market, up from $49bn a year earlier.
1 min read · 04 April 2016
