Amy Carroll

An auction process is the most common means of price setting, but there are exceptions.

Transparency is key to managing conflicts and enabling alignment of interest.

Processes that don’t offer a status quo option have begun to crop up more frequently in the GP-led market.

Proposed reforms in the US aim to make an independent fairness opinion a requirement in GP-led deals.

Decision-making can be a resource-intensive process, although it is one that LPs are becoming more familiar with.

The parties that bear the costs can vary according to the structure of the deal.

There are various stages involved in getting these deals over the line, though greater levels of complexity can stretch timelines.

The regulator turned its attention to secondaries processes last year as part of a wider set of proposals designed to enhance disclosures in private markets.

Continuation funds have become a more common exit route, enabling sponsors to hold onto their star assets for longer.

Co-investment brings benefits to both GPs and LPs, but unless tensions are resolved, there is a real risk it could be regulated out of the market