Secondaries

A disconnect exists in the industry between GPs who view continuation funds as a desirable way to hold certain assets beyond the limits of a traditional private equity fund, and LPs who generally would prefer a regular exit.

A footnote in the US Securities and Exchange Commission's new rules suggests continuation funds structured as cross fund trades won't be subject to third-party fairness opinion and valuation letters.

The opening up of the market for pension fund-issued collateralized fund obligations could represent a major avenue of liquidity relief for other investors.

Industry veteran Dee Dee Sklar will help the secondaries GP with its credit arm.

The issuance of a collateralized fund obligation would be a breakthrough for struggling GPs and institutional investors alike.

The trade group has issued guidance to address concerns over conflicts and the speed of GP-led deals.

Credit and LP-led secondaries are also on the firm's list of areas set to see big growth this year.

Some LPs have felt so frustrated at the way continuation fund processes have been run that they have decided not to re-up with their manager, representatives from the investor body told Secondaries Investor.

Credit Suisse's 2022 Secondary Market Review expects GP-leds to experience a resurgence in 2023 after being outpaced by LP-leds last year.

The fund of funds platform, which includes commitments to venture funds as well as private credit, continues to operate.