Private equity secondary market | Wikipedia audio article
Channel: Subhajit Sahu
Date: 2019-01-20

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Private_equity_secondary_market


00:01:50 1 Secondary market participants
00:03:39 2 Types of secondary transactions
00:03:55 2.1 Sale of fund interests
00:04:47 2.1.1 iStructured joint ventures/i
00:05:16 2.1.2 iSecuritization/i
00:05:45 2.1.3 iStapled transactions/i
00:06:34 2.2 Sale of direct interests
00:06:44 2.2.1 iSecondary directs/i or isynthetic secondaries/i
00:07:14 2.2.2 iSecondary direct/i
00:07:49 2.2.3 iSynthetic secondary or spinout/i
00:08:23 2.2.4 iTail-end/i
00:08:47 2.2.5 iStructured secondary/i
00:09:36 3 History
00:09:45 3.1 Early history
00:11:14 3.2 2004 to 2007
00:12:41 3.3 2008 and the credit crisis
00:15:15 3.4 2010 to 2011 - Post Financial Crisis
00:16:44 3.5 2012
00:17:31 3.6 2013
00:18:31 3.7 2014
00:20:23 3.8 2014-2018
00:21:43 3.9 Milestones
00:29:43 4 See also



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SUMMARY
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In finance, the private equity secondary market (also often called private equity secondaries or secondaries) refers to the buying and selling of pre-existing investor commitments to private equity and other alternative investment funds. Given the absence of established trading markets for these interests, the transfer of interests in private equity funds as well as hedge funds can be more complex and labor-intensive.Sellers of private equity investments sell not only the investments in the fund but also their remaining unfunded commitments to the funds. By its nature, the private equity asset class is illiquid, intended to be a long-term investment for buy-and-hold investors, including "pension funds, endowments and wealthy families selling off their private equity funds before the pools have sold off all their assets." For the vast majority of private equity investments, there is no listed public market; however, there is a robust and maturing secondary market available for sellers of private equity assets.
Buyers seek to acquire private equity interests in the secondary market for multiple reasons.  For example, the duration of the investment may be much shorter than an investment in the private equity fund initially.  Likewise, the buyer may be able to acquire these interests at an attractive price.  Finally, the buyer can evaluate the fund's holdings before deciding to purchase an interest in the fund.  Conversely, sellers may seek to sell interest for various reasons, including the need to raise capital, the desire to avoid future capital calls, the need to reduce an over-allocation to the asset class or for regulatory reasons.Driven by strong demand for private equity exposure over the past decade, a vast amount of capital has been committed to secondary market funds from investors looking to increase and diversify their private equity exposure.