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Private-equity secondary market

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In finance, the Private Equity Secondary Market (also often called Private Equity Secondaries or Secondaries) refers to the buying and selling of pre-existing investor commitments to private equity and other alternative investment funds or the underlying private equity assets. Unlike public markets, private-equity interests lack an established trading exchange, making transfers more complex and labor-intensive.

Sellers of private-equity investments sell not only their holdings in a fund but also their remaining unfunded commitments. The private-equity asset class is inherently illiquid and is designed for long-term investment by institutional investors, such as pension funds, endowments, and wealthy individuals. The secondary market provides these investors with an avenue for liquidity, enabling them to manage their portfolios dynamically. The secondary market reached a transaction volume of $108 billion in 2022.[1]

Buyers seek secondary private-equity interests for multiple reasons, including shorter investment durations, potential discounts on valuations, and greater visibility into the assets held by the fund. Conversely, sellers engage in secondary transactions to raise capital, reduce over-allocation to private equity, or meet regulatory requirements.[2]

As private equity has matured, two main segments of the secondary market have emerged:

  • LP Interest Secondaries – In these transactions, buyers acquire limited partnership (LP) interests in private-equity funds. The buyer assumes all rights and obligations of the seller, including future capital calls and distributions.
  • GP-Led Secondaries – In these transactions, a private-equity fund's general partner (GP) leads a process to provide liquidity to existing investors by selling assets from an existing fund into a new vehicle. GP-led secondaries have grown significantly, comprising over one-third of the secondaries market as of 2017, with expectations of reaching 50% in the near future.[3]

The private-equity secondary market has evolved into a dynamic and essential component of private equity, offering liquidity solutions to investors. As GP-led transactions grow and institutional participation expands, the secondary market is expected to continue increasing in volume and complexity.

Types of Secondary Transactions

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Secondary transactions can be generally divided into two primary categories:

LP Interest Secondaries (Sale of Fund Interests)

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Diagram of a simple secondary market transfer of a limited-partnership fund interest. The buyer exchanges a single cash payment to the seller for both the investments in the fund plus any unfunded commitments to the fund.

This is the most common type of secondary transaction, involving the sale of an investor’s interest in a private-equity fund or a portfolio of multiple fund interests. Transactions may take several forms:

  • Traditional Sale – A simple transfer of LP interests where the buyer assumes all obligations and rights.
  • Structured Joint Ventures – A customized transaction where buyers and sellers agree on shared ownership structures.
  • Securitization – The seller contributes fund interests into a vehicle that issues notes, generating partial liquidity.[4]
  • Stapled Transactions – A secondary buyer acquires interests in an existing fund while also committing capital to a new fund being raised by the GP.
  • Low-Funded Secondaries – Involves selling interests in young funds that have called less than 10% of committed capital.[5]

GP-Led Secondaries

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Diagram of a GP-Led secondary market transfer of private equity companies through a Continuation Fund.


Also known as secondary directs or synthetic secondaries, these transactions involve the sale of a portfolio of direct investments in operating companies. Subcategories include:

  • Secondary Directs – A buyer purchases a portfolio of direct private-equity investments from a corporation or institution.
  • Synthetic Secondaries – Investors acquire interests in a newly formed limited partnership holding direct investments.
  • Tail-End Secondaries – Sales of remaining assets in a private-equity fund nearing the end of its term.
  • Structured Secondaries – The buyer funds future capital calls in exchange for a preferred return on future distributions.[4]

Secondary-market participants

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The private-equity secondary market was originally created by Dayton Carr, the founder of Venture Capital Fund of America (VCFA Group), in 1982. Carr had been managing a venture capital investment firm in partnership with Thomas J. Watson Jr. who was then Chairman of IBM Corporation. As their venture fund matured Carr purchased Watson out of his partnership interest in 1979, just before Watson became U.S. Ambassador to the Soviet Union (Appointed by Jimmy Carter). This is believed to be one of the earliest private-equity secondary transactions. Carr, shortly thereafter, made a strong return on this investment and subsequently shifted his investment focus to purchasing other limited partnership interests in venture capital funds. Through a series of small funds, raised and managed by Dayton Carr, under the VCFA name, the secondary industry was born. VCFA is still in business today and still focuses primarily on secondary private equity investments in venture and growth equity funds. Since its inception through VCFA Group the secondary industry now features dozens of dedicated firms and institutional investors that engage in the purchase and sale of private-equity interests. Recent estimates by advisory firm Evercore gauged the overall secondary market's size for 2013 to be around $26 billion,[6] with approximately $45 billion of "dry powder" (not yet invested capital) available at the end of 2013 and a further $30 billion expected to be raised in 2014.[7] Such large volumes have been fueled by an increasing number of players over the years, which ultimately led to what today has become a highly competitive and fragmented market. Leading secondary investment firms with current dedicated secondary capital in excess of circa $3 billion include: Blackstone Strategic Partners, AlpInvest Partners, Ardian (formerly AXA Private Equity), Capital Dynamics, Coller Capital, HarbourVest Partners, Lexington Partners, Pantheon Ventures, Partners Group and Neuberger Berman.[8]

Additionally, major investment banking firms including Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley have active secondary investment programs.[9] Other institutional investors typically have appetites for secondary interests. More and more primary investors, whether private-equity funds of funds or other institutional investors, also allocate some of their primary program to secondaries.

As the private-equity secondary market matures, non-traditional secondary strategies are emerging. One such strategy is preferred capital, where both limited partners and general partners can raise additional capital at net asset value whilst preserving ownership of their portfolio and its future upside.

Additionally, an increasing number of pension funds, sovereign wealth funds, and family offices have become active participants in the secondary market.[10]


History

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History of private equity
and venture capital
Early history
(origins of modern private equity)
The 1980s
(leveraged buyout boom)
The 1990s
(leveraged buyout and the venture capital bubble)
The 2000s
(dot-com bubble to the credit crunch)
The 2010s
(expansion)
The 2020s
(COVID-19 recession)
Main article: History of private equity and venture capital

Early history

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The Secondaries market did not received meaningful attention until the 2000s when annual transaction volume regularly began to surpass $1 billion. However, the early antecedents of the market trace their origins to the early 1980s. The Venture Capital Fund of America (today VCFA Group), founded in 1982 by Dayton Carr, was likely the first investment firm[11] to begin purchasing private-equity interests in existing venture-capital, leveraged-buyout and mezzanine funds, as well as direct secondary interests in private companies. Arnaud Isnard, who worked with Carr at VCFA would later form ARCIS, a secondary firm based in France[12] Pantheon Ventures launched Pantheon International Participation, an early dedicated secondary fund in 1988[13] and the following year Jeremy Coller founded Coller Capital, often credited with popularizing secondaries and emerging as one of the largest secondary buyers until the mid-2000s when it was eclipsed by younger firms.[14]

At the same time, in 1989, Landmark Partners was founded by Stanley Alfeld, John Griner and Brent Nicklas.[15] However, in 1994, Nicklas departed from Landmark Partners to form Lexington Partners along with Richard Lichter (who himself would later depart to form Newbury Partners)[16] Transactions through most of the 1990s were typically small, typified by Landmark’s 1992 acquisition of a $157 million portfolio of LBO fund interests from Westinghouse Credit Corporation and VCFA’s purchase of the Northrop Grumman Ventures portfolio of assets also in 1992. Paul Capital was founded in 1991 in connection with the acquisition of an $85 million venture portfolio from Hillman Ventures. Secondary volume was estimated to exceed $1 billion for first time in 1997 and the Crossroads Group, which was subsequently acquired by Lehman Brothers, acquired a $340 million portfolio of direct investments in large- and mid-cap companies from Electronic Data Systems (EDS) in 1999.[17][18]

Emerging Niche Market in the Early 2000s

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In the years immediately following the dot-com crash, many investors sought an early exit from their outstanding commitments to the private equity asset class, particularly venture capital.[19] As a result, the nascent secondary market became an increasingly active sector within private equity in these years.[20][21] In 2000, Coller Capital and Lexington Partners completed the purchase of over 250 direct equity investments valued at nearly $1 billion from National Westminster Bank[22]. Lexington Partners and Hamilton Lane also acquired a $500 million portfolio of private-equity fund interests from Chase Capital Partners. The following year, in 2001, Coller Capital acquired 27 companies owned by Lucent Technologies, kick-starting the evolution of the market for "secondary direct" or "synthetic secondary" interests.[23]

Continued Expansion in the Mid-2000s

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In 2003, HarbourVest acquired a $1.3 billion of private-equity fund interests in over 50 funds from UBS AG through a joint-venture transaction[24] That same year, Deutsche Bank sold a $2 billion investment portfolio to a consortium of secondary investors, led by AlpInvest Partners (formerly by NIB Capital), to form MidOcean Partners.[25] The following year, in 2004, Bank One sold a $1 billion portfolio of private-equity fund interests to Landmark Partners and the State of Connecticut Retirement and Trust completed the sale of a portfolio of private-equity fund interests to Coller Capital, representing one of the first secondary market sales by a US pension. Abbey National completed the sale of £748m ($1.33 billion) of LP interests in 41 private-equity funds and 16 interests in private European companies, to Coller Capital.[26]

Large LP portfolio transactions continued to emerge in 2005 when Dresdner Bank sold a $1.4 billion private-equity funds portfolio to AIG and Lexington Partners and AlpInvest Partners acquired a portfolio of private-equity fund interests from Dayton Power & Light, an Ohio-based electric utility.[27][28][29]

During this period Secondaries transaction volume increased from historical levels of 2% or 3% of annual private-equity commitments to 5% or roughly 1% of the addressable market representing all existing private equity assets in circulation.[30][31][32] Many of the largest financial institutions (e.g., Deutsche Bank, Abbey National, UBS AG) sold portfolios of direct investments and "pay-to-play" funds portfolios that were typically used as a means to gain entry to lucrative leveraged finance and mergers and acquisitions assignments but had created hundreds of millions of dollars of losses.

The surge in activity in the secondary market between 2004 and 2007 also prompted new entrants to the market. It was during this time that the market evolved from what had previously been a relatively small niche into a functioning and important area of the private-equity industry. Prior to 2004, the market was still characterized by limited liquidity and distressed prices with private-equity funds trading at significant discounts to fair value.[33] Beginning in 2004 and extending through 2007, the secondary market transformed into a more efficient market in which assets for the first time traded at or above their estimated fair values and liquidity increased dramatically. During these years, the secondary market transitioned from a niche sub-category in which the majority of sellers were distressed to an active market with ample supply of assets and numerous market participants.[34] By 2006, active portfolio management had become far more common in the increasingly developed secondary market, and an increasing number of investors had begun to pursue secondary sales to rebalance their private-equity portfolios. The continued evolution of the private-equity secondary market reflected the maturation and evolution of the larger private-equity industry.

Secondaries market growth accelerated as the mid-2000s buyout boom picked up steam culminating in the milestone California Public Employees' Retirement System (CalPERS) transaction in which it sold a $2.1 billion portfolio of legacy private-equity funds at the end of 2007, after an extensive first-of-its-kind auction process managed by UBS Investment Bank.[35] The ultimate buying group included Oak Hill Investment Management, Conversus Capital, Lexington Partners, HarbourVest, Coller Capital, and Pantheon Ventures.[36][37] The CalPERS transaction came closely on the heels of other UBS-managed auctions for Ohio Bureau of Workers' Compensation which sold a $650 million portfolio of private-equity fund interests to a consortium of buyers led by Pomona Capital[38][39] as well as MetLife which sold $400 million portfolio of private-equity fund interests to CSFB Strategic Partners.[40]

Global Financial Crisis of 2008 and its Aftermath

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The secondary market for private-equity interests entered a new phase in 2008 with the onset and acceleration of the financial crisis of 2007–2008. Pricing in the market fell steadily throughout 2008 as the supply of interests began to greatly outstrip demand and the outlook for leveraged buyout and other private-equity investments worsened. Financial institutions, including Citigroup and ABN AMRO as well as affiliates of AIG and Macquarie, were prominent sellers.

With the crash in global markets from in the fall of 2008, more sellers entered the market including publicly traded private-equity vehicles, endowments, foundations and pension funds. Many sellers were facing significant overcommitments to their private-equity programs and in certain cases significant unfunded commitments to new private-equity funds were prompting liquidity concerns.[41] With the dramatic increase in the number of distressed sellers entering the market at the same time, the pricing level in the secondary market dropped rapidly. In these transactions, sellers were willing to accept major discounts to current valuations (typically in reference to the previous quarterly net asset value published by the underlying private-equity fund manager) as they faced the prospect of further asset write-downs in their existing portfolios or as they had to achieve liquidity under a limited amount of time.

At the same time, the outlook for buyers became more uncertain and a number of prominent secondary players were slow to purchase assets. In certain cases, buyers that had agreed to secondary purchases began to exercise material-adverse-change (MAC) clauses in their contracts to walk away from deals that they had agreed to only weeks before.[42]

Private-equity fund managers published their December 2008 valuations with substantial write-downs to reflect the falling value of the underlying companies. As a result, the discount to net asset value offered by buyers to sellers of such assets was reduced. However, activity in the secondary market fell dramatically from 2008 levels as market participants continued to struggle to agree on price. Reflecting the gains in the public-equity markets since the end of the first quarter, the dynamics in the secondary market continued to evolve. Certain buyers that had been reluctant to invest earlier in the year began to return and non-traditional investors were more active, particularly for unfunded commitments, than they had been in previous years.

In the aftermath of the financial crisis, many financial institutions began divesting large portfolios of private equity assets through secondaries. In 2008, ABN AMRO sold a portfolio of private-equity interests in 32 European companies managed by AAC Capital Partners to a consortium comprising Goldman Sachs, AlpInvest Partners, and CPP for $1.5 billion.[43][44], in 2010 Lloyds Banking Group plc sold a portfolio comprising 33 fund interests, primarily European mid-market funds, for a value of $730m to Lexington Partners.[45] In a separate transaction Lloyds sells a £480 million portfolio to Coller Capital through a joint venture.[46] Citigroup sold a $1 billion portfolio of funds interests and co-investments to Lexington Partners.[47] Also, Bank of America sold a portfolio comprising 60 fund interests for a value of $1.9 billion to AXA Private Equity.[48] Finally, in early 2011, CalPERS sold an $800 million portfolio of private-equity funds to AlpInvest Partners.[49]

Continued Expansion in the 2010s

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Since mid-2010, the secondary market has seen increased levels of activity resulting from improved pricing conditions. Through the middle of 2011, the level of activity has continued to remain at elevated levels as sellers have entered the market with large portfolios, the most attractive funds being transacted at around NAV. As the European sovereign debt crisis hit the financial markets during summer 2011, the private-equity secondary market subsequently saw a decrease both in supply and demand for portfolios of interests in private-equity fund, leading to reduced pricing levels compared to pre-summer-2011. However, the volumes on the secondary market were not expected to decrease in 2012 compared to 2011, a record year[50] as, in addition to the banks under pressure from the Basel III regulations, other institutional investors, including pension funds, insurance companies and sovereign wealth funds continued to utilize the secondary market to divest assets.[51]

In terms of fundraising, secondary investment firms have been the beneficiaries of the gradually improving private-equity fundraising market conditions. From 2010 through 2013, each of the large secondary fund managers have raised successor funds, sometimes exceeding their fundraising targets.[52][53][54][55]

By 2012, secondary market activity was setting new records with approximately $26bn of transactions completed. Lloyds Banking Group plc sold a $1.9bn portfolio of private-equity funds to Coller Capital.[56] New York City Employees Retirement System sold a $975 million portfolio of private-equity fund interests.[57] State of Wisconsin Investment Board sold a $1 billion portfolio of large buyout fund interests[57] Swedish Länsförsäkringar sold a €1.5bn PE portfolio.[58]

Growth in the secondary market continued trending upward in 2013 reaching its highest level yet, with an estimated total transaction volume of $36bn.[59] Average discount to net asset value decreased from 35% in 2009 to 7% in 2013.[60] Total transaction volume grew again in 2014 to $49.3bn.[61]

During the four-year period between 2014 and 2018, the secondaries market continued its upward trajectory, approaching $40 billion in transaction volume in the second half of 2017.[62] The figure represents approximately five times total deal activity from 2005 levels. Market watchers attributed the rise to the growing sophistication of secondaries transactions, increased demand for liquidity on the part of institutional investors and a growing number of fund managers using the secondary market to gain access to new streams of capital.[62]

Emergence of the GP-Led Market

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The period also gave rise to GP-led restructurings, in which a fund manager leads efforts to restructure the economics of the fund or roll existing fund commitments into a new vehicle. According to Credit Suisse, GP-led secondaries have grown from 10 percent of the market in 2012 to over a third by the end of 2017.[63] Market insiders predict GP-led secondaries to eventually reach 50 percent of market share by the end of 2018,[64] attributing a growing acceptance of their use among marquee private-equity firms such as Warburg Pincus and BC Partners as cause for their mainstream acceptance.

See also

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References

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Notes

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  1. ^ Burroughes, Tom (2023-03-21). "In Tough Times, Private Market Secondaries Can Shine". Wealth Briefing. Retrieved 2023-09-22.
  2. ^ Lemke, Lins, Hoenig & Rube, Hedge Funds and Other Private Equity Funds: Regulation and Compliance, §13:34 (Thomson West, 2014 ed.).
  3. ^ "GP-Led Secondary Transactions: A "New-Fashioned" Way of Achieving Liquidity" (PDF).
  4. ^ a b The Private Equity Secondaries Market, A complete guide to its structure, operation, and performance The Private Equity Secondaries Market, 2008.
  5. ^ Just closed a new fund and already an investor wants out?! Abe Finkelstein, Vintage, July 23, 2019.
  6. ^ Evercore: Distressed sellers 1% of 2013 market volume PEI Media, 14 April 2014
  7. ^ Evercore: secondaries funds target $30bn PEI Media, 14 April 2014
  8. ^ The Private Equity Analyst Guide to the Secondary Market. Private Equity Analyst, 2004
  9. ^ Source: Private Equity Intelligence
  10. ^ Secondary market set to break records, Private Equity International, February 1, 2012.
  11. ^ Contrarian : Second Helping Archived 2008-03-09 at the Wayback Machine (Dealmaker, 2007)
  12. ^ "Secondary sales of private equity interests Archived 2009-02-06 at the Wayback Machine." AltAssets, February 18, 2002
  13. ^ Pantheon Ventures: Secondary Investments Archived 2013-06-30 at archive.today. Company Website
  14. ^ "Europe's 50 Most Influential in Private Equity 2019 - Slideshow - Private Equity News". www.penews.com. Retrieved 2020-10-12.
  15. ^ The Private Equity Analyst: PE Wire Archived 2008-09-10 at the Wayback Machine (Private Equity Analyst), February 24, 2003.
  16. ^ "Newbury Partners Promises To Keep A Secret." Buyouts, August 20, 2007
  17. ^ Lehman Brothers acquired The Crossroads Group in 2005
  18. ^ Cawley, Rusty "Crossroads uses EDS portfolio to launch fund." Dallas Business Journal, September 24, 1999
  19. ^ Cortese, Amy. "Business; Private Traders See Gold in Venture Capital Ruins." New York Times, April 15, 2001.
  20. ^ "Secondaries Getting Primary Attention." Buyouts, July 22, 2002
  21. ^ "Secondaries Pros Discuss Market's Evolution[dead link‍]." Secondaries Pros Discuss Market's Evolution - Cont'd[dead link‍]. Buyouts, December 16, 2002
  22. ^ Press Release: The Royal Bank of Scotland: asset sale Archived 2008-05-06 at the Wayback Machine
  23. ^ Press Release: Lucent Technologies and Coller Capital form independent venture firm to manage Lucent's New Ventures Group portfolio Archived 2009-02-01 at the Wayback Machine
  24. ^ Name A-D E-J K-P Q-Z. "HarbourVest transactions". Harbourvest.com. Archived from the original on 2012-07-30. Retrieved 2014-07-30.
  25. ^ MidOcean Embraces Independence. Financial Times, March 9, 2003
  26. ^ Press Release: Abbey sells private equity portfolio to Coller Capital Archived 2009-01-08 at the Wayback Machine
  27. ^ AlpInvest and Lexington Partners buy $1.2bn secondary portfolio from DPL Archived 2008-05-06 at the Wayback Machine (AltAssets)
  28. ^ "M&A legal guru urges more diligence". Marketwatch.com. 2005-02-17. Retrieved 2014-07-30.
  29. ^ DPL to sell PE stakes for $850M Archived 2013-11-05 at the Wayback Machine (TheDeal.com)
  30. ^ Vaughn, Hope and Barrett, Ross. "Secondary Private Equity Funds: The Perfect Storm: An Opportunity in Adversity". Columbia Strategy, 2003.
  31. ^ Rossa, Jennifer and White, Chad. Dow Jones Private Equity Analyst Guide to the Secondary Market (2007 Edition).
  32. ^ A Secondary Market for Private Equity is Born, The Industry Standard, 28 August 2001
  33. ^ "Buyouts Still Dominate Surging Secondaries Market: Some Say Market Is Overcapitalized Fund-of-Join The Game." Buyouts, May 24, 2004
  34. ^ Private Equity Market Environment: Spring 2004 Archived 2008-09-10 at the Wayback Machine, Probitas Partners
  35. ^ CalPERs private equity stakes under microscope. Archived 2009-02-01 at the Wayback Machine Reuters 'Dealzone' November 20, 2008.
  36. ^ Craig, Catherine. Five buy record $3bn Calpers portfolio. Financial News, February 5, 2008.
  37. ^ Tracy, Tennille. Calpers, and where private-equity funds go to die. Wall Street Journal's Deal Journal blog, November 5, 2007.
  38. ^ Primack, Dan (2007-04-03). "OBWC Portfolio Sale Nears End". Pehub.com. Retrieved 2014-07-30.
  39. ^ Ohio Bureau of Worker's Compensation -- Review of Secondary Advisor Selection Process
  40. ^ "Secondaries join the mainstream". Financialnews-us.com. Archived from the original on 2007-08-13. Retrieved 2014-07-30.
  41. ^ Cash panic sweeping VC industry: The capital calls problem VentureBeat, November 7, 2008
  42. ^ MAC uncertainty grips sellers in secondary market Archived 2009-02-01 at the Wayback Machine Private Equity Online, November 3, 2008
  43. ^ "Goldman group snags ABN AMRO unit Archived 2009-02-02 at the Wayback Machine." Pensions&Investments, August 12, 2008.
  44. ^ "Discount offered to offload ABN Amro's Secondaries". Penews.com. 2008-08-18. Archived from the original on 2015-04-03. Retrieved 2014-07-30.
  45. ^ "Lexington Partners To Buy $730M Private Equity Portfolio From Lloyds." Wall Street Journal, December 15, 2010.
  46. ^ "Lloyds sells private equity division to Coller Capital." The Telegraph, July 6, 2010.
  47. ^ " http://www.financialpost.com/markets/news/Citi+Divest+Private+Equity+Fund+Funds+Investments+Businesses/3270599/story.html Citi to Divest Private Equity Fund of Funds and Co-Investments Businesses."Financial Post, July 13, 2010.
  48. ^ "AXA buys $1.9 billion private-equity portfolio from BofA." Reuters, April 22, 2010.
  49. ^ AlpInvest picks up $800m in fund stakes from CalPERS. AltAssets, April 7, 2011
  50. ^ Secondary market set to break records, Private Equity Online, February 1, 2012
  51. ^ Singapore's GIC Said to Offer $700 Million in Buyout-Fund Stakes, Bloomberg, January 20, 2012
  52. ^ LGT Capital Partners announces final close of Crown Global Secondaries II plc Archived 2011-07-13 at the Wayback Machine. LGT Capital Partners, June 24, 2010
  53. ^ Morgan Stanley beats target for $500m secondaries fund. Efinancial News, May 18, 2010
  54. ^ Axa Private Equity Said to Seek More Capital for Secondary Fund. Bloomberg, February 1, 2012
  55. ^ Credit Suisse Raises $2.9 Billion to Purchase Secondary Stakes, Business Week, February 14, 2012
  56. ^ European Secondaries Deal of the Year, 2012 Archived 2013-09-21 at the Wayback Machine Private Equity International, March 13, 2013
  57. ^ a b Running From Megafunds, Wisconsin Sells $1B Portfolio.
  58. ^ Swedish Länsförsäkringar to sell €1.5bn PE portfolio. Unquote PE, August 20, 2012
  59. ^ Private equity secondary deal volume totals $36 bln: survey Reuters: PE Hub, DECEMBER 23, 2013
  60. ^ Ryan, Dezember (April 24, 2014). "Bargain Bin Is Now Big Deal". WSJ. Retrieved 29 April 2014.
  61. ^ Secondary volume goes through the roof Reuters: PE Hub, JANUARY 22, 2015
  62. ^ a b Espinoza, Javier (31 July 2017). "Secondary private equity deals near record". Financial Times. Retrieved 2018-03-05.
  63. ^ "GP-Led Secondary Transactions: A "New-Fashioned" Way of Achieving Liquidity" (PDF).
  64. ^ "Demystifying a Roaring Secondaries Market | Navatar". Navatar. Retrieved 2018-03-05.


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