Buyouts staff
After an initial secondaries slowdown, the market could recover with a vengeance, say Akin Gump partners Mary Lavelle and Trey Muldrow.
Running a secondaries auction process that works smoothly for all parties and is not beset by conflicting interests is not easy, particularly in GP-led transactions. Here, advisors share their tips and a buyer gives additional perspective.
In two surveys published by Setter Capital in March and April, buyers and fund managers agreed that the secondaries market is in for a slow year.
Jonathan Costello, who led the investment bank’s secondaries unit from 2017, will focus on GP-led processes at his new venture.
In the magazine: How the secondaries market can lead to opportunities during a crisis; Tips for running a fair auction; Keynote interviews with Akin Gump, Evercore and Landmark Partners; Plus much more.
In the magazine: An exclusive interview with Blackstone's Jon Korngold; The bailout debate rages on; Brookfield's $5bn lifeline for retail; Plus much more.
While there have been fewer meetings, and they are on Zoom, there are meetings, and they have been productive towards advancing raises forward.
As of April 29, 283 US-based buyout, growth equity, mezzanine and other PE funds collected a total of $86.1 billion, down 24 percent from the $113.5 billion secured during the same period last year.
In the magazine: Life after Zoom. Plus: LPs prepare for more due diligence; Quadria Capital warns about supply-chain disruption; time for PE to send a message; Michael Graham doubles down on direct investing.