In one line: Secondaries is the market for buying and selling existing private-markets exposure. It turns a 10–12 year illiquid commitment into something that can be priced and sold. Over the last decade it has gone from a niche, distressed-seller business to the main source of liquidity for LPs and GPs.
What the study covers
- 1Overview
- 2How it works
- 3Economics and key numbers
- 4Key players and landmark deals
- 5Risks and pitfalls
- 6How an expert thinks about it
- 7Glossary
- 8Related sections
Technical exhibits
Worked examples, checklists and case studies included with this study.
Worked Example LP Portfolio Pricing
Pricing a $100m NAV LP portfolio: reference date, cash-flow adjustments, unfunded, deferred payment, buyer IRR
Continuation Vehicle Process and Conflicts Checklist
Step-by-step GP-led process with a conflicts checklist (fairness opinion, LPAC, status-quo option, ILPA guidance)