2014 Secondary Returns: Lower, But Strong

Secondary fund buyers predict a 1.39x gross ROI for 2014 vintage secondary fund transactions. This data is the result of a survey at the 2014 September annual “Secondary Buyer Dinner” that I host each year in New York City. Over 85 professionals attended (all from secondary funds), representing the vast majority of firms in the industry by dollar value. Continue reading

Getting To The Price – Bridging The Gap

All too often, buyers and sellers cannot reach pricing that both are comfortable with. Even a 1% pricing divide can kill a deal. Sometimes to make a deal happen, buyers decide to overpay a bit and hope some unexpected good news comes from a portfolio. Others throw in the towel. Fortunately, there are a few approaches that can help bridge small gaps in pricing. While some of these approaches call for structuring flexibility from the seller, none move the price. Continue reading