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GP Led Secondaries

topic on 1 show · 3 statements across 2 episodes

Capital Allocators

3 statements about GP Led Secondaries, every show

CAPITAL ALLOCATORS Opinion
Alex Abell: Many GP-led continuation vehicles suffer from significant conflict issues
“Now, we see tons of these things, and many of them have significant conflict problems. They have significant issues around structure and alignments.”
Alex Abell May 2, 2024 ▶ 39:35 Alex Abell - Lower Middle Market Buyout Investing at RCP (EP.383)
CAPITAL ALLOCATORS Assertion Supported
Alex Abell: GP-led secondaries now account for about 50% of secondary market
“Traditionally, when we talked about secondaries, we would talk about limited partner secondaries. That used to be 95% of the market, and now it's probably more like 50% of the market. The other 50% has been GP-led secondaries.”
Alex Abell May 2, 2024 ▶ 39:17 Alex Abell - Lower Middle Market Buyout Investing at RCP (EP.383)
CAPITAL ALLOCATORS Assertion Supported
Dawn: Single-company GP-led secondaries usually transact around NAV
“Generally on the GP side, That on a single company, it usually transacts around the GP's NAV. Typically not at a discount, but if it is, it's at a modest discount.”
Nigel Dawn Apr 8, 2024 ▶ 19:28 Nigel Dawn - Secondaries in Private Markets (EP.378)

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