Clifford Chance’s Secondaries practice is recognised as one of the most sophisticated and globally integrated offerings in the market. Bringing together top‑tier Funds and Private Equity teams across 33 offices in 22 countries, we advise the world’s most active sponsors and investors on the full spectrum of secondaries transactions, including GP‑led continuation funds, LP portfolio sales, strip sales, complex restructurings, tender offers, stapled transactions, secondary direct opportunities and pension scheme buy-ins.
We act for many of the largest global asset managers, and 8 of the world’s top 10 international investors, supporting them on their most strategically significant mandates. Our team is at the forefront of market innovation – from bespoke synthetic secondary transactions to cross-fund, multi-asset and long‑dated continuation vehicles, as well as adjacent GP strategic solutions such as GP‑stakes and asset manager M&A – and is uniquely positioned to deliver seamless, commercial and technically robust advice across all major asset classes and geographies.
Our deep regulatory, tax and financing expertise ensures clients receive a comprehensive, full‑service solution across the entire spectrum of secondaries transactions.
Our experience
Continuation funds
Advising sponsors and investors on single‑asset and multi‑asset continuation vehicles, complex rollover mechanics, investor elections, and follow‑on funding structures. Our recent matters include a number of market-leading continuation fund transactions exceeding US$1 billion in value.
Alternative liquidity solutions
Advising on bespoke solutions to address fund maturity, concentration risk, alignment issues and capital requirements. This includes transactions involving partial liquidity, preferred equity or strip‑style arrangements, as well as tender offers, fund extensions and restructurings, and structures combining secondary sales with follow‑on or re‑investment capital.
LP-led portfolio transactions
Advising on the buy and sell-side of LP‑initiated secondary sales ranging from single‑interest disposals to large portfolio transactions, mosaic sales and the transfer of balance sheet assets to managed funds capitalised by third parties. Our experience includes complex, high‑volume transfers involving tight deadlines, multiple jurisdictions, regulated investors and detailed GP consent, transfer restriction and regulatory analysis.
