Staff Writer
Increased scale, dedicated capital and the rise of GP-led deals are contributing to a secondaries boom, say Callum Smith and Lori Pomerantz of Partners Group, and Marco Busca of Generali Asset Management.
Credit secondaries has strong momentum but still room for growth and new players, according to Bruno Bertrand-Delfau, Chris Robinson and Mike Suppappola, partners and co-heads of the Secondary Transactions and Liquidity Solutions practice at Proskauer.
An abundance of capital and opportunity is coming together, say Mark Boyagi, Sean Hill and Ted Cardos, partners in the investment funds practice at Kirkland & Ellis.
With GP-led deal popularity soaring and opportunistic portfolios entering the fray, there is now a broader opportunity, according to Daniel Roddick, founder at Ely Place Partners.
Retail redemptions and software exposure highlight the need for liquidity across private credit, offering potential opportunities for secondaries investors, according to Rakesh (Rick) Jain and Toni Vainio at Pantheon.
Avoiding tax leakage has become a key consideration for investors in the credit secondaries market, according to Mindi Lowy, a tax partner at PwC.
The private credit secondaries market is taking off but, when it comes to GP-led deals in particular, there are key distinctions to be aware of vis-à-vis equity secondaries transactions, say Leor Landa and Sijia Cai, partners at Davis Polk.
Innovative structuring is helping to drive the next phase of growth in credit secondaries, maintains John Bohill, partner and member of the Private Debt Investment Committee at StepStone Group.
There are plenty of exciting asset-backed opportunities emerging for investors capable of navigating cyclicality, says Michael Gontar, chief executive officer at InterVest capital partners.
What are the pros and cons – and some of the challenges – of co-investments in private debt? Ariel Goldblatt, partner, and Marcel Schindler, partner and head of private debt, at StepStone Group, provide the answers.