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Clifford Chance

Clifford Chance


'Decoding' the Secondary Market

2 October 2019

The term secondaries in private equity is often misunderstood. It can mean the sale of a Private Equity portfolio company from one house to another. We use it here to mean the sale of fund interests. As capital allocations to the secondaries market increase and with GPs and LPs seeking ever more creative ways to achieve liquidity and optionality, we have seen secondaries transacting morph from LPs leading such sales (LP led) to coordinated processes led by GPs (GP led) seeking liquidity for vintage funds, whilst (and often in parallel) raising new funds. Clifford Chance can guide you through the evolution of the secondaries market and the growing GP-led activity. 

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