Features: archive
Every Features story in Secondaries, newest first. 63 stories
2 stories
- The Wrap
Banks and pensions are restocking the LP-led secondaries market
A $101 million bank position and a BlackRock agreement with a Dutch pension fund are the week's real supply story, and sellers like these price off the balance sheet rather than the asset.
- The Wrap
The continuation vehicle's second life
Built to hand LPs an exit, the continuation vehicle has become a front door for small LPs — and their OCIO may be standing in it first.
2 stories
- The Wrap
StepStone's fertility CV prices equity like credit
A benchmark-free fertility continuation vehicle shows the GP-led market now prices services assets off the sponsor's mark rather than the tape.
- The Wrap
Secondaries dry powder finds its home in unglamorous CVs
Single-asset continuation vehicles for a fitness-equipment maker and a shipping franchise are clearing while the mega LP portfolios wait.
1 story
- The Wrap
Secondaries' barrier is talent, not money
A $1 billion pre-hire commitment and an allocator's launch show capital now follows people.
2 stories
- The Wrap
Watch the discount on India's CV pipeline
Hong Kong panelists expect Indian secondaries exits to precede fundraises, and a negative buyout benchmark gives buyers the cover to price continuation vehicles below sponsor marks.
- The Wrap
India will sell continuation vehicles before it raises. Watch the discount
Indian sponsors are expected to run secondaries exits ahead of fundraises, putting the GP-led desk in the position of underwriting sponsor marks against a buyout benchmark that has just turned negative.
2 stories
- The Wrap
TrueBridge's $508 million splits the secondary market in two
Venture buyers get the discount, the GP-led side gets the sponsor's number, and HarbourVest's negative quarter draws the line.
- The Wrap
Two CVs close. Two pricing regimes. One day.
Pantheon's €1.2bn credit CV has no public benchmark; Kelso's $510m MEP CV is ordinary. Each prices on terms, not marks.
2 stories
- The Wrap
A €1.2bn credit CV has no public benchmark. The terms are the price.
Credit's arrival in the GP-led market moves the pricing question off published comps and onto covenants, rollover terms and one lead buyer's underwriting.
- The Wrap
Kelso's $510 million MEP continuation makes GP-led secondaries ordinary
The sticker price says little; the rollover, fees, and covenants will decide whether this middle-market exit works.
1 story
- The Wrap
Bridgepoint's Pantheon deal puts secondaries prices in public view
An 11x Saviynt rollover now has to answer to a public benchmark.
3 stories
- The Wrap
The fast lane that ate the price-check
Carrick's 11x Saviynt rollover is the test of who still challenges a sponsor's mark in a GP-led market losing its independent buyers.
- The Wrap
HarbourVest's negative print arms secondary buyers
Carrick's 11x Saviynt rollover now has to answer to a benchmark showing buyout returns lost value.
- The Wrap
A rollover at 11x in a quarter that lost value
Carrick's $255 million reinvestment is the test of whether software marks survive contact with a negative buyout quarter.
1 story
- The Wrap
CVC's $10bn secondaries fund makes the GP the price-setter
The buyout firm's new flagship, almost four times its 2019 fund, puts a sponsor's own marks at the center of continuation-vehicle pricing.
1 story
- The Wrap
Goldman's secondaries fundraising crown is a balance-sheet takeover
Record capital is chasing structured liquidity while the specialists that once set prices get absorbed or pivot.
1 story
- The Wrap
No external price check in secondaries this week
PWD's deal log shows zero classic LP-interest sales, leaving every secondaries transaction priced off the manager's own books.
1 story
- The Wrap
Secondaries lose their last external price check
This week's secondaries deals all move one way: toward liquidity on the manager's terms, priced off the manager's books.
1 story
- The Wrap
UK tax fix closes secondaries' offshore escape hatch
The proposed stamp-duty legislation closes the offshore execution route and forces buyers to re-underwrite UK-linked LP stakes.
2 stories
- The Wrap
Continuation vehicles have become private equity's default exit
Exponent's €1.4bn rollover of H&MV and a new Emerging-Promethean fund show GP-led structures now set the direction of the secondaries market.
- The Wrap
Crestline closes $625 million fund as the secondaries market turns to debt
The next wave of sponsor demand is flowing into loans and minority stakes rather than discounted fund purchases.
1 story
- The Wrap
Churchill and Seviora borrow $400 million against secondaries
Structured debt gives a Temasek-backed manager an exit from the exit, leaving discounted bids behind.