Evercore

“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 new investors typically make a commitment to the new vintage funds, and the GP is deeply involved in the diligence on the existing portfolio, which typically generates a better price for the LPs. Those transactions tend to be a win-win.”

“Also, I think that these are pure advisory businesses that require no capital. And the challenging to run in big integrated banks that do require a lot of capital.”

“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”

“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…”

“NAV loans that are raised against a portfolio to send capital back to LPs, very unpopular. Very high priced. Many LPs don't like them. They can raise capital cheaper themselves. So those are not popular.”

“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.”