GP-Leds

Why might a sponsor want to pursue a GP-led transaction?

Continuation funds have become a more common exit route, enabling sponsors to hold onto their star assets for longer.

PJT Partners: The GP-led market is just getting started

Availability of capital is the main challenge holding back explosive growth in the GP-led secondaries market, say PJT Partners’ Dayan Abeyaratne, Brian Levine and David Perdue

Fine-tuning secondaries strategies

Buyers are increasingly splitting out their fund strategies as institutional investors seek specific risk/reward categories for secondaries.

How long does it take to complete a GP-led secondaries process?

There are various stages involved in getting these deals over the line, though greater levels of complexity can stretch timelines.

Akin Gump: Making use of the evolving secondaries toolbox

Today’s secondaries technology can provide flexible solutions for GPs and LPs during times of market turmoil, say Mary Lavelle, Daniel Quinn and Fadi Samman at Akin Gump Strauss Hauer & Feld.

AltamarCAM: Now is a good moment for continuation funds

Times of uncertainty offer the buyside a window of opportunity, while sellers can benefit from liquidity, says Miguel Zurita, a managing partner at AltamarCAM Partners.

Minority recaps: An attractive alternative to GP-led continuation vehicles

Such transactions can generate liquidity for LPs, validate a mark and allow a GP to retain control of a well-performing asset, says Todd Miller of W Capital Group.

What Carlyle’s staple really says about the state of the market

The significance of a low take-up rate in a sponsor-initiated secondaries process isn’t as cut and dried as it may seem.

Pricing for LP-leds and GP-leds split in 2022 – Campbell Lutyens

LP portfolios accounted for close to half of the roughly $106bn in volume last year, according to the advisory firm and placement agent’s 2023 Secondary Market Overview.

HarbourVest, Neuberger, AlpInvest lead Madison Dearborn three-asset secondary

Pricing of assets and LP stakes remain points of contention between buyers and sellers, which has made it challenging for secondaries deals to reach final close.