Edition 26
The Satellite
Dear Valued Member of the Moonfare Network,
The past 12 months have been characterised by the implications of elevated interest rates and overall volatility. Some private equity investors have felt the pinch as well.
When faced with growing liquidity needs, investors could turn to the secondary market — a rapidly expanding corner of private markets — to offload their stakes prematurely and rebalance portfolios.
Seeking to capitalise on the current buyer-friendly environment, fund managers who are investing in these second-hand assets are having one of the best fundraising years to date. Some managed to pool together massive amounts of capital, with Blackstone leading the charge by raising $20 billion, a record-breaking feat for secondaries.
With this backdrop in view, we looked at the underlying forces shaping the secondary space and explored the potential opportunities for investors. Find out more in our latest article.
Happy reading!
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Insights
What’s fuelling the rise of secondaries in private equity?
The growing appeal of secondaries is most evident when 2023 volumes are viewed through a longer term lens. Compared to the 2017-2020 average, for instance, current figures are 60% higher, according to an investment bank Jefferies.
Is it already fair to say that secondaries are becoming a primary investment strategy for mature portfolios?
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- 1 Minimum investment may vary by country and local regulation.
- 2 Source: McKinsey "Private Markets Annual Review 2022"
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