Sovereign funds and insurers are using third-time-round fund stake transactions as part of their portfolio management processes, write Caspar Berendsen, Álvaro Rosado and Robert Perry.
EQT's acquisition of secondaries pioneer Coller Capital comes as the market for LP stake sales and continuation funds hits new heights.
Under the TPA an LP’s selling decision is more likely to be driven by opportunistic considerations, rather than breaches of asset allocation targets.
Returns compression and a wider gulf between top- and bottom-decile funds could prompt LPs to become more selective in the year ahead.
Here are the issues PEI’s editorial team expect will make headlines in the private equity industry in the new year.
Do limited partner advisory committees have any relevance in a world where a sole LP wants to have its day in court?
All signs point to another record year for continuation vehicles, yet some investors still think its increased use could backfire.
The PE industry needs to take a hard look at the level of alignment, governance and transparency in products offered to individuals – or risk limiting private markets’ growth.
Earn-out provisions require careful drafting to avoid post-completion disputes and protect value, write Ben Bruton, Christopher Hull and Suzanne Labi of Winston & Strawn London.
With more players and larger funds, the secondaries market is seeing a lot of continuation vehicles north of $1bn. The long-term growth of sizeable deals requires significant backing.