Secondaries

Private equity and venture capital research, reports and surveys with a focus on secondaries

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• Secondary deals buoy UK buyout market in Q3 2004 29 Nov 2004. Source: KPMG. Secondary buyouts, sales between different private equity houses, buoyed a very busy third quarter in the UK buyout market. With 43 deals completed, the quarter was the busiest since the end of 2000, says KPMG's Private Equity Group.

• Liquidity for private equity - What lies ahead? 16 Sep 2004. Source: Evergreen Harvest Secondary Partners. Ariel Kor. The secondary market has experienced a period of rapid growth over the past two years. Flourishing deal flow combined with a handful of high profile mega-fund closings indicate that the next twelve months are set to be another bumper year for the sector, according to Ariel Kor of Evergreen Harvest Secondary Partners.

• What's up in secondaries? 24 Feb 2004. Source: AltAssets. The secondaries market has experienced a period of rapid growth over the past two years. Flourishing deal flow combined with a handful of recent high profile mega-fund closings indicate that 2004 is set to be another bumper year for the sector. But is this level of growth sustainable or are we in the midst of another private equity bubble? We ask a panel of specialists for their view on what's happening in the market.

• Secondary investing in private equity funds: Primary issues for general partners 28 Jan 2004. Source: Paul Cohen and John Aiello. As investors continue to seek liquidity for private equity investments in a secondary market that is growing in size and complexity, general partners are being challenged to balance this liquidity need with the responsibility to protect their funds from any resulting risk, according to Paul Cohen and John Aiello of Weil Gotshal & Manges.

• Non-traditional secondary buyers: a GPs perspective 02 Sep 2003. Source: Cogent Partners. Todd Konkel. The private equity secondary market has traditionally been dominated by a small number of specialist buyers. But a growing number of ‘non-traditional' players are currently entering the market, says Todd Konkel of Cogent Partners

• Private equity secondary funds and their competitive strategies 20 Aug 2003. Source: INSEAD. Alex Sao-Wei Lee. The private equity secondary market is currently enjoying phenomenal growth says Alex Sao-Wei Lee of INSEAD. Private equity investors are increasingly using the market both as a much needed route to liquidity and as a means of actively managing their alternative investment portfolios.

• Timing secondary transactions 07 May 2003. Source: Cogent Partners. Brian Mooney. Many private equity investors are using the secondary market as a tool for enhancing the returns of their portfolios. Brian Mooney of Cogent Partners discusses why timing secondary transactions is crucial from both the buy and sell-sides.

• Venture and secondary market trends 23 Apr 2003. Source: Columbia Strategy. The market for direct secondaries is constantly evolving and is becoming increasingly attractive to private equity firms. Corporate venturing is also on the rise. Yet they are not without their pitfalls. Columbia Strategy discusses the rise of direct secondaries and corporate venturing and the potential obstacles that must be overcome.

• Opportunity in adversity: private equity secondaries and directs 26 Mar 2003. Source: Columbia Strategy. Historically, the private equity secondaries market has been characterised by the exchange of limited partner interests. However, a number of recent ‘direct' secondary transactions looks set to challenge this dynamic. Columbia Strategy examines the changing landscape for the private equity secondaries market.

• Secondaries grow in stature 25 Feb 2003. Source: AltAssets. The completion of the Deutsche Bank secondary deal marks a milestone in this burgeoning area of the private equity market and may pre-empt the flood of activity that failed to materialise last year despite high expectations. Its size and complexity bear testament to the increasing sophistication of the industry. We take a look at some of its characteristics.

• Secondary considerations: an introduction to secondary funds 05 Nov 2002. Source: Testa, Hurwitz & Thibeault, LLP. David W Tegeler, Kristin S Caplice. With growing investor interest in the sector, the secondary market has become increasingly sophisticated, say David W Tegeler and Kristin S Caplice of Testa, Hurwitz & Thibeault. Once thought to be the last resort for failed investments, secondary transactions are fast becoming a creative investment strategy in their own right. Tegeler and Caplice provide a brief guide to secondary funds, including issues to be aware of when either buying or selling.

• The advantages of purchasing secondaries 08 Oct 2002. Source: Cogent Partners. Colin McGrady. The secondaries market has been the subject of increased attention over recent months. What is it that has caused this increase in activity? Colin McGrady of Cogent Partners gives an overview of the current state of the secondaries market and explains its benefits for limited partners and reasons for success.

• Pricing private equity secondary transactions 22 Jul 2002. Source: Cogent Partners. Colin McGrady. The secondary market for private equity is experiencing a dramatic increase in volume. Many investors, driven by stalled fund distributions and diminished return expectations, are exploring liquidity in the secondary market. The question is says Colin McGrady at Cogent Partners, how are secondary buyers pricing portfolios?

• Secondary market in private equity - an asset class in expansion 12 Mar 2002. Source: Fondinvest. Charles Soulignac. The private equity secondaries market has experienced dramatic growth in recent years and is set to rise more than five-fold in the next five years. Charles Soulignac of Fondinvest Capital discusses the fundamentals of this sub-sector of private equity and the reasons behind its projected growth.

• Secondary interests in private equity funds 05 Mar 2002. Source: Pomona Capital. Michael Granoff, Brian Wright. Private equity secondaries funds can provide investors with diversification, lower risks and good returns. But they are not without risk. Michael Granoff and Brian Wright from Pomona Capital look at why investors are choosing this route and guide investors through the maze of choosing the right fund.

• Discount daze 18 Feb 2002. Source: Eric Pfeiffer. Red Herring. As the private equity industry becomes more stable and mature, secondary market activity has dramatically increased. The secondary route offers investors liquidity and turns venture positions in theory, into an investment that may be traded like any public security. Eric Pfeiffer of Red Herring argues that by making the industry less ‘risky', you lose the very fuel that keeps it alive

• Secondary sales of private equity interests 18 Feb 2002. Source: Venture Capital Fund of America. Brett Byers. During the ten plus-year life of a private equity fund, the circumstances of investors change. For an investor, changes in asset allocation, cash flow needs, management, ownership, strategy, and regulations all can result in a need for early liquidity. With this in mind, Brett Byers from the Venture Fund of America discusses the development of the secondary market and its important role in the current environment.

• Sale of the century? 06 Feb 2002. Source: AltAssets. Chris Davison. With the current downturn and Coller's recent Lucent acquisition, the secondaries market is something of a hot topic in private equity circles at the moment. And, as new research shows, this sub-set of the industry will become an increasingly important and innovative market as it starts shedding its shady image and enters the mainstream.

• Emerging from the shadows 17 Dec 2001. Source: AltAssets. The secondaries market is attracting a lot of interest at the moment. As many limited partners seek to liquidate their private equity interests, others are jostling to buy them. But what does this mean for the industry? And is there anything worth buying anyway?