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Holding On: How volatility will drive GP-led secondaries in 2022

Holding On: How volatility will drive GP-led secondaries in 2022

April 2022 | Since the pandemic, when managers turned to the secondary market for liquidity, the GP-led segment has tripled in value to $60bn last year. Now, a more difficult exit environment in 2022 is driving many to safehouse their most prized assets in continuation funds.
The ‘Holding On: How volatility will drive GP-led secondaries in 2022’ special report comprises zero separate articles listed below, these can be read individually or as a sequence.
Since the pandemic, GPs have been holding onto their trophy assets for longer. A jump in single-asset continuation vehicles is opening up buy-side opportunities for funds and investors…
Secondary assets being brought to market this year will require industrial strength and value creation potential, as infrastructure, VC and mid-market GPs plan to bring opportunities to market… In stark contrast to private equity’s buyout market over the past decade,
Q&A with Nash Waterman, head of private equity secondaries, Morgan Stanley Investment Management, and Petra Bukovec, partner, Pantheon’s Global Secondaries Team…
The Institutional Limited Partners Association (ILPA) is looking to assuage LP frustrations through a guidance report, with proposed SEC regulations in the background, as the relationship between some GPs and their LPs grows increasingly strained…
With a time-lag on public market volatility, a fund’s NAV may not portray the fair value of secondary assets in the current market, so valuation methods are evolving in other ways…
Secondary markets are known for opaque pricing and close networks. Is the advance of data and technology about to change all that in private equity’s growing GP-led space? Recently established fintech platforms are broadening access to illiquid private equity funds
Investment bank and boutique advisory firms are moving into the GP-led segment to drive deals forward. Three leading figures explain how the market is changing as a result…

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