The Ledger
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Dawn: PE secondary market volume in 2024 will top $130 billion record
“2021, which is a high watermark up to this point is about one 30. And I suspect we will beat that number this year.”
Dawn: Private equity distributions to AUM are near historic lows
“In this environment where distributions have almost been at historic lows compared to assets under management”
Buyout secondaries trade in the nineties while venture trades at 60-80 cents
“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…”
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.”
Dawn: Traditional buyout managers are launching single-asset continuation secondary funds
“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.”
Dawn: Private credit secondaries are currently trading in the nineties
“In the current market, private credit is probably trading in the nineties.”
Dawn: Most private equity GPs exit portfolios at a 25% NAV premium
“Most GPs exit their portfolios around 25% premium to their NAV.”
Dawn: 10 to 20 GP-focused secondary funds will launch in next two years
“It wouldn't be surprised in the next couple of years, there's 10 to 20 new secondary funds focused on the GP side.”
Dawn: 40% to 50% of Early Secondaries Flow Came From Banks
“Also, maybe 40 to 50% of the flow in the market was actually bank selling similar to UBS.”
Dawn: Continuation fund transactions represented around 10% of exits in 2023
“Sponsor to continuation fund channel, which was around 10% of exits last year.”