great video Claudia! appreciate! So, what's the big challenge in the secondary market? Is it the right origination for the Best Secondary Deal? Nad on which party is this challenge? On the LP site?
Yes, exactly. Finding assets and being able to structure the right product - quickly. i.e. accommodating the needs of the 'seller'. This could be speed, quality or credit of the buyer etc. So this sits with the GPs. Most LPs understand Secondaries and use it to restructure/ organize their exposre in PE & VC.
Hi Claudia! Thanks for the great video. Two questions: 1) You mentioned that secondaries are very liquid. How is this liquidity achieved? Is this through GPs and LPs calling up dedicated secondary funds offering to sell their interest? 2) Do you see any regulation favoring the elimination /relaxation of Publicly Traded Partnership (PTP) rules to allow for an exchange-like platform to trade private secondary interest? Because as of now, it seems that large institutional players (especially dedicated secondary funds) have a large competitive advantage.
indeed - and thought the visibility of the SOLUTIONS which the secondary funds offer. Let's not forget - nowadays most of the Secondary transactions are very much be-spoke solutions which offer an answer to the problem which LPs or GPs may have. Whenever i host a Secondary partner in class, they point out: 'We are solution providers"
@@claudiazeisberger Thank you! Do you believe a market can be made for retail qualified investors with deal sizes / secondary interest ranging from $50k-$5m? (For example, single asset real estate LP/LLC deals).
access to deal-flow and funds. Pending where in the world you are, the nu,ber of secondary opportunities are not as large (naturally) than Primary funds. But indeed - especially as a first time investor into PE/ VC, secondaries are attractive.
great video Claudia! appreciate! So, what's the big challenge in the secondary market? Is it the right origination for the Best Secondary Deal? Nad on which party is this challenge? On the LP site?
Yes, exactly. Finding assets and being able to structure the right product - quickly. i.e. accommodating the needs of the 'seller'. This could be speed, quality or credit of the buyer etc. So this sits with the GPs. Most LPs understand Secondaries and use it to restructure/ organize their exposre in PE & VC.
Hi Claudia! Thanks for the great video. Two questions:
1) You mentioned that secondaries are very liquid. How is this liquidity achieved? Is this through GPs and LPs calling up dedicated secondary funds offering to sell their interest?
2) Do you see any regulation favoring the elimination /relaxation of Publicly Traded Partnership (PTP) rules to allow for an exchange-like platform to trade private secondary interest? Because as of now, it seems that large institutional players (especially dedicated secondary funds) have a large competitive advantage.
indeed - and thought the visibility of the SOLUTIONS which the secondary funds offer. Let's not forget - nowadays most of the Secondary transactions are very much be-spoke solutions which offer an answer to the problem which LPs or GPs may have. Whenever i host a Secondary partner in class, they point out: 'We are solution providers"
@@claudiazeisberger Thank you! Do you believe a market can be made for retail qualified investors with deal sizes / secondary interest ranging from $50k-$5m? (For example, single asset real estate LP/LLC deals).
Thanks for the presentation. Based on the data, looks like a strong case for secondaries. One question, what is the biggest downside of secondaries?
access to deal-flow and funds. Pending where in the world you are, the nu,ber of secondary opportunities are not as large (naturally) than Primary funds. But indeed - especially as a first time investor into PE/ VC, secondaries are attractive.
Great video,
Can you also please make a video on the tactics (eg-LBO)which PE Fund follows to acquire
Will do soon
Thank you for the overview
sure - please share