Evercore

The secondaries industry is stepping up its reporting of the performance of continuation fund exits as the supply of opportunities continues to outstrip available capital.

According to mid-year advisory reports, the market is looking at a potentially record-breaking finish to 2024.

While H1 2024 did not see a large-scale fund close, several vehicles with hefty targets remain in market.

In this podcast, PEI senior editor Adam Le sits down with Richard Anthony, chief executive of Evercore’s private funds group, to hear his advice for GPs wanting to launch ancillary strategies.

Idiosyncrasies in fund structuring, tax and regulation create distinctive tests for buyers and sellers considering GP-led processes in Japan.

Continuation vehicles across different geography, size and industry of underlying assets have generated similar return multiples.

Supply from managers looking to the secondaries market to hold onto assets for longer periods continues to grow.

Once regarded as a ‘cottage industry’, secondaries has transformed into an intrinsic part of private markets, write Evercore’s Nigel Dawn, Dale Addeo and Chase Johnson.