Secondaries

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.

The market is in need of a supply solution, but is it fit for one?

The small subsector is gaining interest, but financing challenges persist.

Discount levels as high as 30% are unlikely to entice any but the most desperate sellers to approach the secondaries market for liquidity relief.

The amount of dry powder dedicated to impact secondaries increased markedly in 2022 – if from a very low base.

LP portfolio sales, which came back and then faded out again as the markets turned earlier this year, are expected to be a major part of volume in the second half.

There is misalignment between investors and GPs on the topics of obstacles, red flags and expectations, a Capstone survey finds – however, the market is expected to go through further standardization.

Until technology can provide the market with sufficiently standardized transaction templates, its progress will be accretive, not revolutionary

The departure of Jake Stuiver comes five months after that of Mike Custar, the founder of M2O's secondaries business.

GPs tend to like externally set pricing as it represents a market-based mark.