How the secondaries market can adapt: two GPs give their perspective

As more sponsors seek to run continuation vehicle transactions, two managers lay their cards on the table and discuss what improvements they would like to see from the market.

By Madeleine Farman

Alignment is key to getting buyside attention on continuation fund transactions. Do managers feel that’s being reciprocated on their side?

Two GPs that had recently completed continuation funds took to the stage at Kirkland & Ellis 's Liquidity Solutions Summit held under the Chatham House Rule at its New York office last week to address a packed room of secondaries professionals. Secondaries Investor was of course there.

Here are some key pain points where the GPs believe the market could evolve practices as competition to back these deals increases:

• When someone began explaining the concept of a reference date to one of the GPs on the panel, they didn’t realise it was going to be the driving factor for valuation across the next three to nine months. “That was the one where I really had to intellectually get my mind and heart around [it]”...

Read the full story on Secondaries Investor here.