Secondary assets being brought to market this year will require industrial strength and value creation potential, as infrastructure, VC and mid-market GPs plan to bring opportunities to market…

In stark contrast to private equity’s buyout market over the past decade, GP-led secondaries are often characterised by too many deals chasing too little capital.

“Sometimes we feel capital-constrained because there’s so much opportunity out there,” says Valérie Handal, managing director of the global secondaries team at HarbourVest.

With the eight largest secondary funds controlling around 50% of the dry powder in the market, according to Hamilton Lane, GPs are having to carefully consider what assets to bring to these buyers and in what form.

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