Secondaries Investor’s Second Thoughts podcast

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32:08

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Secondaries Investor’s Second Thoughts

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Secondaries Investor’s Second Thoughts podcast focuses exclusively on private markets’ burgeoning secondaries market, which is offering liquidity to its underlying illiquid asset classes. Hear analysis from Secondaries Investor’s global team of journalists and interviews with the market’s most influential players and rising stars discussing the dynamics shaping this ever-evolving area.

32 episódios

Secondaries Investor’s Second Thoughts

updated há 20 dias

Home de séries•Feed

32 episódios

#Trading #Business #PEI Group

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Secondaries Investor’s Second Thoughts

1
Do LPs need to take a more proactive approach to secondaries? 17:23

há 20 dias17:23

17:23

Delights and gripes relating to the continuation fund market were shared at PEI Group's NEXUS 2025 conference . A critical question was raised: do LPs need to take a more proactive approach to secondaries? In one of the panels, Jeremy Coller, founder of Coller Capital , encouraged LPs to do just that – proactively manage their exposure as more GPs mull CVs for assets they want to hold longer regardless of their 'limited' status. For LPs like the New York City Retirement Systems, however, the preferred status quo option when faced with a CV opportunity is to "do nothing", according to Eneasz Kądziela, deputy chief investment officer and head of private equity. In this episode, Secondaries Investor editor Madeleine Farman, senior editor Adam Le and Americas correspondent Hannah Zhang discuss their top secondaries takeaways from NEXUS, particularly the top concerns for LPs on both the sell-side and the buy-side of the secondaries market.…

Secondaries Investor’s Second Thoughts

1
How specialised can the secondaries market get? 45:54

há 5 weeks45:54

45:54

This episode is sponsored by Evercore, Davis Polk and Dawson Partners The secondaries market sits at a crossroads. Never before have LPs been presented with such an array of different liquidity offerings to back. There are specialised secondaries funds focusing on healthcare, on impact investing, on real assets in Asia or on acquiring direct minority equity stakes in companies in India. There are funds focusing on writing large cheques to multi-billion-dollar single-asset continuation funds; and there are funds focusing on making late primary commitments to buyout funds that are still in their fundraising mode. In short, if you’re an LP looking to back a secondaries fund, you’re spoiled for choice. In this special episode, we sit down with Nigel Dawn, global head of Evercore 's Private Capital Advisory group; Leor Landa, head of the investment management practice at Davis Polk ; and Yann Robard, managing partner at Dawson Partners . We discuss why the performance of continuation funds is key to the further growth and branching out of this part of the market, and why the market is undergoing the fastest pace of innovation it has ever seen.…

Secondaries Investor’s Second Thoughts

1
A record year for secondaries volume, but not for bonuses 20:31

há 7 weeks20:31

20:31

How does your compensation this year compare with that of your peers? In this episode, Secondaries Investor editor Madeleine Farman sits down with Kylie Hart, co-founder and Partner at global executive search firm Norgay Partners. From her vantage point as an expert in private equity secondaries recruitment, Hart gives an overview of market compensation on both the buy-side and the sell-side following a record year for secondaries activity in 2024. The pair also discuss the differences in pay between secondaries and private equity strategies, the outlook for people moves following a flurry of activity to kickstart the year, appetite from private markets firms to launch secondaries strategies, how to approach career growth through mid-level and senior-level ranks, and much more.…

Secondaries Investor’s Second Thoughts

1
Behind the numbers for secondaries' record year 20:07

há 9 weeks20:07

20:07

The secondaries market saw another record year for deal volume, with advisory reports pinning the overall figures somewhere between $152 billion and $165 billion. In this episode, Secondaries Investor editor Madeleine Farman, senior reporter Hannah Zhang and reporter Silas Sloan dig into advisory reports. They walk through key themes that emerged, including the rising impact of evergreen capital and its effects on deal activity to date, the increasing scale of GP-led deals, the increasing scale of the buyer universe, right through to predictions on LP-led and GP-led activity for the year ahead. Read more at Secondaries Investor : Single-asset deals skyrocketed in 2024 – Campbell Lutyens Secondaries volume hits record high of $160bn – Evercore LP-led pricing for credit secondaries reaches all-time high – Jefferies Majority of GPs plan to use secondaries market over coming two-year period – PJT Share of commitments for GP-led deals to grow in 2025 – Lazard…

Secondaries Investor’s Second Thoughts

1
Secondaries deals are on the cards for Australia's Aware Super 13:26

há 11 weeks13:26

13:26

Australian superannuation fund Aware Super is heading towards its private markets allocation targets after a period of build-up and growth. The fund, which manages around $110 billion on behalf of nurses and teachers, launched its first office outside of Australia in 2023, putting boots on the ground in London. Damien Webb, the superfund’s deputy chief investment officer and head of international, sat down with PEI senior editor Adam Le. In a wide-ranging interview, the pair discuss how GP-leds are complementary with the skills Aware Super has built out around co-investment, Webb’s views on LP-led secondaries as its alternatives portfolio becomes more mature, and his views on pricing and discounts in the market. Le and Webb also discuss Aware Super’s views for further international expansion and whether the team has been making any private markets asset allocation shifts over time where opportunities arise.…

Secondaries Investor’s Second Thoughts

1
The next record-setting year 24:13

há 13 weeks24:13

24:13

The secondaries market is bullish that 2025 will be another record year for secondaries market activity. Regionally, North America is set to continue its dominance in dealmaking, Europe is expected to throw up interesting opportunities that offer portfolio diversification, and increasing manager sophistication could lead to more GP-led opportunities in APAC. In this episode , Secondaries Investor 's Adam Le, Madeleine Farman and Silas Sloan discuss the secondaries market's volume expectations for the year ahead and delve into key topics making rounds in the market, from US president-elect Donald Trump, to the impact of evergreen funds on the market and APAC's hottest markets in the wake of uncertainty surrounding China. Read more: Trump looms large for North American secondaries in 2025 Why APAC secondaries will remain buoyed in 2025…

Secondaries Investor’s Second Thoughts

1
Peeling back the onion on 2024 – literally 42:12

há 18 weeks42:12

42:12

It's common to peel back the onion on key events and trends seen across financial markets. As the secondaries market heads for what is predicted to be a record-setting year for volume, we decided to practice the phrase quite literally. Madeleine Farman, senior reporter and host of the Second Thoughts , and senior editor Adam Le are joined by Carlo Pirzio-Biroli, head of CVC Secondary Partners , and Ted Cardos, co-head of Kirkland & Ellis 's European liquidity solutions team, with the group letting a basket of onions decide the talking points. Pirzio-Biroli and Cardos discuss key wins, disappointments and developments over the course of 2024 and what the next 12 months could bring for the secondaries market.…

Secondaries Investor’s Second Thoughts

1
Tail-end secondaries: The $900bn+ opportunity 23:31

há 20 weeks23:31

23:31

The opportunity set for the tail-end secondaries market has grown from $198 billion 10 years ago to $916 billion today, according to estimates from legacy specialist Hollyport Capital . In this episode, John Carter, managing partner and chief executive of Hollyport, and Etienne Deshormes, managing partner and CEO of private markets adviser Elm Capital , join senior reporter Madeleine Farman for a discussion on the topic. The three discuss the structural drivers of the tail-end secondaries market, how to approach due diligence in this part of the market, which institutions are more likely to sell a tail-end secondaries portfolio, whether new entrants will enter into this space, and the long-term outlook for this growing segment of the secondaries market.…

Secondaries Investor’s Second Thoughts

1
How Next Gen Leaders see the future of the secondaries market 27:24

há 22 weeks27:24

27:24

The lack of human capital has become one of the biggest challenges in the secondaries industry – a situation that could change as the sector gains appeal among young professionals. In this episode of Secondaries Investor's Second Thoughts podcast, we're joined by three young achievers who made it on the NextGen Leaders of Secondaries: Class of 2024 list, which features the most impressive secondaries professionals aged under 36. This year, we saw the highest number of submissions in the ranking’s history with almost 400 nominations. Our guests include Sijia Cai, partner at Davis Polk & Wardwell; Sabrina Harliman, vice president at TPG; and Josef Menasche, co-head of secondaries advisory at Goldman Sachs. They discuss current talent trends and how they think the secondaries market will evolve in the future.…

Secondaries Investor’s Second Thoughts

1
Secondaries market on track to break records 29:20

há 24 weeks29:20

29:20

Second Thoughts host Madeleine Farman and America's correspondent Hannah Zhang sit down to discuss the latest volume, fundraising and performance data coming through on the secondaries market and talk through the spaces to watch as activity surges towards the end of the year.

Secondaries Investor’s Second Thoughts

1
What are the ingredients for a successful secondaries deal? 20:56

há 26 weeks20:56

20:56

Do you work collaboratively with potential partners to help shape a deal, or do you have a set notion of what type of transaction you want to be a part of from the outset? Is EQ as important to you as IQ? How big a role does ego play in preventing deals from being consummated? In part two of our discussion with AlpInvest Partners managing director Louis Choy, PJT Partners ‘ European head of private capital solutions Johanna Lottmann and law firm Stephenson Harwood partner and head of private funds Sarah de Ste Croix, we examine these questions and more. Find out what separates GP-leds 1.0 from 2.0, how the market got to this point, and listen until the end to hear a few light-hearted anecdotes from participants. If you missed part one of the discussion, listen here .…

Secondaries Investor’s Second Thoughts

1
The 'lead investor' conundrum: a buyer, adviser and lawyer share their thoughts 24:57

há 28 weeks24:57

24:57

A secondaries buyer, adviser and lawyer walk into a room. This isn't the start of a bad joke – it's the culmination of an idea Secondaries Investor had after moderating a panel at an alternatives conference with AlpInvest Partners managing director Louis Choy, PJT Partners ' European head of private capital solutions Johanna Lottmann and law firm Stephenson Harwood partner and head of private funds Sarah de Ste Croix. Over drinks at a nearby pub, the idea was born to record a podcast providing a 360-degree view of the latest trends in the market, as seen by representatives of the three main constituent groups. In Part 1 of our group discussion, hosted by senior editor Adam Le, the trio share their thoughts on the legal, financial and commercial benefits of leading a deal. They discuss the ways secondaries participants are coming up with creative ways to name deal leads in transaction documents; why syndicate capital is just as important as lead buyer capital; and how this definition may evolve. To hear more of our episodes, head to secondariesinvestor.com/podcast or you can search and subscribe to the new Secondaries Investor 's Second Thoughts dedicated channel wherever you like to listen.…

Secondaries Investor’s Second Thoughts

1
Saving time, energy and brainpower: Clipway’s Vallano on AI-driven secondaries 18:43

há 28 weeks18:43

18:43

While many private markets firms are working to leverage generative AI, secondaries investment firm Clipway has put the technology front and centre of its strategy. The London-headquartered firm counts secondaries veterans Ingmar Vallano, Vincent Gombault and Benoît Verbrugghe and others among its senior investment team. All worked at secondaries giant Ardian. Since its inception last year, Clipway says it has reviewed close to $54 billion of potential opportunities and has built up an exposure to close to 150 GPs, which is a combination of the firm’s primary and secondaries activities. It says its generative artificial intelligence and machine learning system TESS allows the firm to conduct analysis of portfolios of underlying companies' data. In this episode, senior reporter Madeleine Farman sits down with managing partner Ingmar Vallano to discuss the benefits Clipway sees in putting generative AI at the heart of its process, the opportunities it sees for investments and the benefits generative AI could bring to private markets. To hear more of our episodes, head to secondariesinvestor.com/podcast or you can search and subscribe to Secondaries Investor's Second Thoughts wherever you like to listen.…

Secondaries Investor’s Second Thoughts

1
How to get into the SI 50: Inside our latest ranking of the biggest secondaries fundraisers 18:39

há 28 weeks18:39

18:39

This episode first aired on September 5, 2024 The top 50 secondaries investors globally raised $473.8 billion in the five years to the end of 2023, according to this year’s SI 50 . That’s a 9 percent increase on last year’s ranking, when $434.5 billion was recorded across a longer counting period of five-and-a-half years. Ardian took the top spot, raising $49.6 billion across the period, followed closely by Blackstone Strategic Partners , which raked in $49.5 billion. Lexington Partners , which holds the record for the largest secondaries fund ever raised, accumulated $36.7 billion in commitments, coming in at number three. Specialisation is driving much of this underlying growth – whether that be through asset class expansion, strategies focused down on LP-leds or GP-led deals, or picking a focus on a market segment with less secondary competition. Evergreen vehicles are also spurring on new avenues for secondaries capital raising. In this episode of Second Thoughts , senior reporter Madeleine Farman and Americas correspondent Hannah Zhang discuss how far these factors have driven growth in the SI 50 and how much room there is to grow further. See the full SI 50 ranking here…

Secondaries Investor’s Second Thoughts

1
SI Decade: is Asia-Pacific the most promising secondaries market? 42:11

há 28 weeks42:11