Does Private Equity secondaries refer to buying and selling LP positions in funds? Or does it refer to buying and selling positions in actual PortCos, such as a secondary buyout?
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It can refer to both as a secondary purchase means you are buying shares from existing shareholders (vs primary capital which goes into a fund or onto the company balance sheet).
Fund of fund managers that have secondary funds are usually buying positions in existing funds from other LPs. It’s quite an interesting role as this includes not just valuing the underlying assets, determining an appropriate discount rate (rarely a premium) and in some cases recutting the GP incentives.
Traditionally, it refers to positions in funds. Though nowadays “single asset secondaries” are becoming more and more common.
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