Secondaries

While the vibe at the PDI Europe Summit was largely positive, there are concerns over the asset class, though they’re not the ones currently getting most attention.

The manager’s deputy co-head of hybrid, Chris Lahoud, says the current moment is one of heightened volatility.

Brey Jones and John McGuinness have formed Thirdpath, an advisory shop focused on constructing customised private equity and private credit portfolios for institutions.

The $575m deal will create a specialised private capital advisory platform, Lazard CL, with Holcombe Green and Gordon Bajnai named as co-CEOs.

Increased scale, dedicated capital and the rise of GP-led deals are contributing to a secondaries boom, say Callum Smith and Lori Pomerantz of Partners Group, and Marco Busca of Generali Asset Management.

Pricing remains the biggest source of friction in secondaries negotiations.

Credit secondaries has strong momentum but still room for growth and new players, according to Bruno Bertrand-Delfau, Chris Robinson and Mike Suppappola, partners and co-heads of the Secondary Transactions and Liquidity Solutions practice at Proskauer.

Inside: Credit managers take aim at defence spending; Plus, a survey of the secondaries market as GPs, LPs and advisers give their take on the industry; Expert analysis from industry leaders and much more…

The key takeaways from our inaugural survey of LPs, secondaries buyers, GPs and advisers.

A distribution desert has led to a surge in first-time LP sellers, while a challenged fundraising market has heralded the return of the primary staple.