Sponsors are increasingly looking for co-investment partners to support growth ambitions in existing portfolio companies or to generate liquidity, say Neuberger Berman’s David Stonberg, David Morse and Joana Rocha Scaff.
Co-investments can add incremental, tactical private equity exposure for a typically lower all-in cost, say Adams Street’s David Brett, Michael Taylor and Craig Waslin.
Long-term value creation will be crucial to overcoming exit challenges within the tech sector, says Vista’s founder, chairman and CEO Robert Smith.
Single-asset continuation funds are becoming a disruptive force in the sponsor-to-sponsor M&A market, say Evercore managing director Jim Tilson and vice-president Mike Selverian.
Emerging managers can provide an edge in pursuing niche, overlooked or special strategies, say Adams Street’s Sunil Mishra, Sergey Sheshuryak and James Korczak.
Firms that provide primary fund capital may have a distinct advantage in secondaries investing, say LGT Capital Partners’ Martha Heitmann and Andrew DiGeronimo.
As GP-led secondaries continue to grow in popularity, TPG’s Michael Woolhouse and Matt Jones argue that these are a distinct discipline from their LP counterparts, requiring specialization to flourish.
Sponsors need to be realistic about price and commit incremental equity on top of a 100% rollover to stand out in today’s market, says Andrew Gulotta, a partner at Sixpoint Partners.
The compelling benefits of the GP-led market have fueled a 5x growth in depth and breadth, and that growth is only accelerating, say W Capital Partners’ David Wachter and Todd Miller.
Continued volatility is bringing many opportunities for secondaries players. The biggest risk is spreading yourself too thin, says Carlyle AlpInvest’s global head of secondaries, Chris Perriello.