Dawn: Single-asset continuation fund syndication market will grow rapidly by 2029
Nigel Dawn · Nigel Dawn - Secondaries in Private Markets (EP.378) · Apr 8, 2024 · at 27:43
Nigel Dawn of Evercore explains how new sponsor-backed secondary fund entrants and co-investment relationships will accelerate transaction volumes.
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“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 well-known GPs entering the market with their secondary funds. Their investors are used to co-investing with them, and it comes with their mark of approval on the transaction. Plus, they're working with their secondary fund partners who may be already existing investors in their fund. So I think that accelerates this market. In some ways, it could supersize it in the relatively short term being three to five years.”
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