As GP-led deals have evolved, so too have the terms designed to create alignment of interest between all parties, say Proskauer’s Jordan Hurwitz and Natalie Scott.
7 min read · 13 March 2023
More opportunities are opening up for buyers as GPs turn to the secondaries market for capital, but they must be selective if they are to achieve strong risk-adjusted returns, says Nate Walton at Ares.
5 min read · 13 March 2023
The parties that bear the costs can vary according to the structure of the deal.
3 min read · 13 March 2023
Access to trophy assets through transparent processes will underpin GP-led growth, say Evercore’s Alex Longden and Fred Stonell.
7 min read · 13 March 2023
Transparency is key to managing conflicts and enabling alignment of interest.
2 min read · 13 March 2023
Conditions are favourable for deal-by-deal transactions, adding to the growing ocean of manager types in an already competitive market.
3 min read · 13 March 2023
Clear transaction rationale, defendable valuation positioning and a strong show of conviction from sponsors is helping buyers to get comfortable with continuation fund deals in a tough macro environment, says Matt Wesley at Jefferies.
7 min read · 13 March 2023
An auction process is the most common means of price setting, but there are exceptions.
2 min read · 13 March 2023
GP-led processes overtook traditional LP deals as a proportion of secondaries volume in 2020, and now account for around half of transaction volume.
2 min read · 13 March 2023
Processes that don’t offer a status quo option have begun to crop up more frequently in the GP-led market.
3 min read · 13 March 2023
