The Ledger, every show

“So it would not surprise me if the GP side of this market is 200 to two hundred and fifty billion dollars in five years time. So if you add that onto what we think is a natural growth also, In the LP market, getting to four to five hundred billion is reasonabl…”

“2021, which is a high watermark up to this point is about one 30. And I suspect we will beat that number this year.”

“Plus, I think when the new entrants I've just identified, the types of group that start their secondary funds just focused on single asset continuation funds, then we anticipate the syndicate market for these transactions will grow rapidly, because you'll have…”

“In this environment where distributions have almost been at historic lows compared to assets under management”

“Good quality buyouts, probably in the nineties. Venture and growth, very much name specific. So some managers still very difficult to access. So you pay an access premium, but probably more like 60 to 80 cents on the dollar because there's a little bit of skep…”

“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.”

“What we're seeing right now, I would say a fairly new development is traditional buyout managers actually looking to set up their own secondary funds, just focused on investing in single asset continuation funds.”

“So will it be as big as a private equity market? I doubt it”

“In the current market, private credit is probably trading in the nineties.”

“Most GPs exit their portfolios around 25% premium to their NAV.”

“It wouldn't be surprised in the next couple of years, there's 10 to 20 new secondary funds focused on the GP side.”

“What we're finding is maybe 10% of our buyers right now, maybe slightly more, but what we are seeing is that when both GP and LP side, when buyers are presenting their offers, often one of the buying vehicles will be their 40 Act fund”

“So when I first found out there's only one advisor and they were a startup in Dallas called Cogent Partners.”

“Also, maybe 40 to 50% of the flow in the market was actually bank selling similar to UBS.”

“More relative value transactions are being executed these days, particularly with, I would say, public pensions who are over allocated to private equity compared to their benchmarks.”

“Sponsor to continuation fund channel, which was around 10% of exits last year.”

“And there was about twenty billion dollars of single asset continuation funds done last year out of fifty billion dollars of GP driven transactions executed.”

“The secondary market is around two percent of outstanding AUM.”

“There's very, very little litigation, if any, that I've seen in the secondary market in 20 years.”