Dear Valued Member of the Moonfare Network,
Welcome to The Satellite, where we give you the latest developments and trends in private markets.
For this edition, we've put together a 25-page report on one of the fastest growing areas of our industry — private equity secondaries. These are stakes sold by existing investors or fund managers, often at an attractive discount.
Secondaries are having their moment. Just consider their recent fundraising streak: in a turbulent 2023 alone, these funds raised $91 billion, almost three times the amount collected the year before.¹
So, why is the appetite so strong? What makes secondaries attractive, where are the risks? And what’s next for these investments?
Get your copy of the report and find out more. If you have any questions or thoughts, feel free to send them our way by simply replying to this email.
Happy reading and see you again soon!
Your Moonfare Team
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Despite strong fundraising for secondaries, the demand for liquidity and portfolio management tools continues to grow, contributing to an attractive buyer’s market.
*Subject to eligibility. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. ¹ Lazard 2024