I'm currently working in M&A at a MM but interested in the secondaries space. Curious if anyone has any insight on how this vertical is doing as of current, as I understand this was a good space to be in a few years ago with the proliferation of secondaries funds and transactions.
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Generally a growing space. Insane amounts of demand (especially in the VC space, which is very liquidity starved right now) but not many deals are getting done because secondary buyers are quite cautious at the moment as well.
The deals that are getting done are at ~50% discount to NAV, and usually have very heavy structural protections (e.g., onerous liquidation preference waterfalls).
When deal appetite comes back, the sector will be probably be well positioned to grow.
Read recent reports of Jeff / Harbour Vest on it
The space is going to be BOOM when all these funds want to extend their funds after purchasing these companies during the 2020-2022 multiple mania.
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