830:, there were a total of 1270 transactions in 2014, with an average size of approximately $ 37.7 million. Although the number of transactions was roughly the same as in 2013, the average deal size increased 34.6% year over year, reflecting the fact that more multi-hundred million / billion+ dollar transactions were completed in 2014. Indeed, the breadth and number of buyers continues to increase with total volume and activity of small and medium buyers becoming more significant. Large buyers accounted for 59.8% of the market's total volume in 2014, while mid-sized buyers accounted for roughly 34.9% of total volume and small buyers represented roughly 5.3%. Also driving the expansion of the secondary market is the number of buyers expanding their scope of interest into areas in which they were previously inactive. Approximately 31.4% of buyers broadened their secondary focus in 2014 to include buying other alternative investment types (e.g. infrastructure, real estate, portfolios of direct, etc.) – an increase of 1.4% from 2013.
694:
market was still characterized by limited liquidity and distressed prices with private-equity funds trading at significant discounts to fair value. Beginning in 2004 and extending through 2007, the secondary market transformed into a more efficient market in which assets for the first time traded at or above their estimated fair values and liquidity increased dramatically. During these years, the secondary market transitioned from a niche sub-category in which the majority of sellers were distressed to an active market with ample supply of assets and numerous market participants. By 2006, active portfolio management had become far more common in the increasingly developed secondary market, and an increasing number of investors had begun to pursue secondary sales to rebalance their private-equity portfolios. The continued evolution of the private-equity secondary market reflected the maturation and evolution of the larger private-equity industry.
274:
fund matured Carr purchased Watson out of his partnership interest in 1979, just before Watson became U.S. Ambassador to the Soviet Union (Appointed by Jimmy Carter). This is believed to be one of the earliest private-equity secondary transactions. Carr, shortly thereafter, made a strong return on this investment and subsequently shifted his investment focus to purchasing other limited partnership interests in venture capital funds. Through a series of small funds, raised and managed by Dayton Carr, under the VCFA name, the secondary industry was born. VCFA is still in business today and still focuses primarily on secondary private equity investments in venture and growth equity funds. Since its inception through VCFA Group the secondary industry now features dozens of dedicated firms and institutional investors that engage in the purchase and sale of private-equity interests. Recent estimates by advisory firm
733:, endowments, foundations and pension funds. Many sellers were facing significant overcommitments to their private-equity programs and in certain cases significant unfunded commitments to new private-equity funds were prompting liquidity concerns. With the dramatic increase in the number of distressed sellers entering the market at the same time, the pricing level in the secondary market dropped rapidly. In these transactions, sellers were willing to accept major discounts to current valuations (typically in reference to the previous quarterly net asset value published by the underlying private-equity fund manager) as they faced the prospect of further asset
413:. Occurs when a private-equity firm (the GP) is raising a new fund. A secondary buyer purchases an interest in an existing fund from a current investor and makes a new commitment to the new fund being raised by the GP. These transactions are often initiated by private-equity firms during the fundraising process. They had become less and less frequent during 2008 and 2009 as the appetite for primary investments shrunk. Since 2009, a limited number of spinout transactions have been completed involving captive teams within financial institutions.
505:
379:
funds (including buyout, growth equity, venture capital, mezzanine, distressed, and real estate) can be sold in the secondary market. The transfer of the fund interest typically will allow the investor to receive some liquidity for the funded investments as well as a release from any remaining unfunded obligations to the fund. In addition to traditional cash sales, sales of fund interests are consummated through a number of structured transactions:
665:, many investors sought an early exit from their outstanding commitments to the private equity asset class, particularly venture capital. As a result, the nascent secondary market became an increasingly active sector within private equity in these years. Secondary transaction volume increased from historical levels of 2% or 3% of private-equity commitments to 5% of the addressable market. Many of the largest financial institutions (e.g.,
3635:
3625:
3605:
3585:
3575:
483:
secured against future distributions of the seller's portfolio. These type of secondary transactions have become increasingly explored since mid-2008 and throughout 2009 as many sellers did not want to take a loss through a straight sale of their portfolio at a steep discount but instead were ready to abandon some of the future upside in exchange for a bridge of the uncalled capital commitments.
3615:
3595:
362:
817:
estimated total transaction volume of $ 36bn per the Setter
Capital Volume Report 2013, as follows: private equity $ 28 billion, real estate secondaries $ 5.1 billion, hedge fund side pockets $ 1.6 billion, infrastructure funding $ 0.7 billion and timber fund deals at $ 0.2 billion. Average discount to net asset value decreased from 35% in 2009 to 7% in 2013.
25:
261:
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.
762:
Since mid-2010, the secondary market has seen increased levels of activity resulting from improved pricing conditions. Through the middle of 2011, the level of activity has continued to remain at elevated levels as sellers have entered the market with large portfolios, the most attractive funds being
748:
Private-equity fund managers published their
December 2008 valuations with substantial write-downs to reflect the falling value of the underlying companies. As a result, the discount to net asset value offered by buyers to sellers of such assets was reduced. However, activity in the secondary market
378:
A common secondary transaction, this category includes the sale of an investor's interest in a private equity fund or portfolio of interests in various funds through the transfer of the investor's limited partnership or LLC member ownership interest in the fund(s). Nearly all types of private-equity
273:
The private-equity secondary market was originally created by Dayton Carr, the founder of
Venture Capital Fund of America (VCFA Group), in 1982. Carr had been managing a venture capital investment firm in partnership with Thomas J. Watson Jr. who was then Chairman of IBM Corporation. As their venture
256:
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
825:
Growth in the secondary market continued trending upward in 2014 reaching its highest level yet, with an estimated total transaction volume of $ 49.3bn per the Setter
Capital Volume Report 2014, as follows: private equity $ 37.9 billion, real estate secondaries $ 6.8 billion, hedge fund side pockets
767:
hit the financial markets during summer 2011, the private-equity secondary market subsequently saw a decrease both in supply and demand for portfolios of interests in private-equity fund, leading to reduced pricing levels compared to pre-summer-2011. However, the volumes on the secondary market were
278:
gauged the overall secondary market's size for 2013 to be around $ 26 billion, with approximately $ 45 billion of "dry powder" (not yet invested capital) available at the end of 2013 and a further $ 30 billion expected to be raised in 2014. Such large volumes have been fueled by an increasing number
842:
The period also gave rise to GP-led restructurings, in which a fund manager leads efforts to restructure the economics of the fund or roll existing fund commitments into a new vehicle. According to Credit Suisse, GP-led secondaries have grown from 10 percent of the market in 2012 to over a third by
816:
In
February, NorthStar Realty Finance spent $ 390 million buying a 51 percent stake in a portfolio of 45 real estate fund interests previously owned by financial services organization TIAA-CREF. Growth in the secondary market continued trending upward in 2013 reaching its highest level yet, with an
447:
The sale of a captive portfolio of direct investments to a secondary buyer that will either manage the investments themselves or arrange for a new manager for the investments. One of the most notable examples of a corporate seller engaging in a direct portfolios sale is the two consecutive sales of
693:
The surge in activity in the secondary market, between 2004 and 2007, prompted new entrants to the market. It was during this time that the market evolved from what had previously been a relatively small niche into a functioning and important area of the private-equity industry. Prior to 2004, the
838:
During the four-year period between 2014 and 2018, the secondaries market continued its upward trajectory, approaching $ 40 billion in transaction volume in the second half of 2017. The figure represents approximately five times total deal activity from 2005 levels. Market watchers attributed the
753:
since the end of the first quarter, the dynamics in the secondary market continued to evolve. Certain buyers that had been reluctant to invest earlier in the year began to return and non-traditional investors were more active, particularly for unfunded commitments, than they had been in previous
649:
The
Venture Capital Fund of America (today VCFA Group), founded in 1982 by Dayton Carr, was likely the first investment firm to begin purchasing private-equity interests in existing venture-capital, leveraged-buyout and mezzanine funds, as well as direct secondary interests in private companies.
482:
This category typically refers to the structured sale of a portfolio of private-equity fund interests whereby the seller keeps some or all of the fund interests on its balance sheet but the buyer agrees to fund all future capital calls of the seller's portfolio in exchange for a preferred return
456:
Under a synthetic secondary transaction, secondary investors acquire an interest in a new limited partnership that is formed specifically to hold a portfolio of direct investments. Typically, the manager of the new fund had historically managed the assets as a captive portfolio. The most notable
387:
Includes a wide variety of negotiated transactions between the buyer and seller that typically are customized to the specific needs of the buyer and seller. Typically, the buyer and seller agree on an economic arrangement that is more complex than a simple transfer of 100% ownership of the fund
260:
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 a private-equity fund initially. Likewise, the buyer may be able to acquire these interests at an attractive price.
787:
In terms of fundraising, secondary investment firms have been the beneficiaries of the gradually improving private-equity fundraising market conditions. From 2010 through 2013, each of the large secondary fund managers have raised successor funds, sometimes exceeding their fundraising targets.
843:
the end of 2017. Market insiders predict GP-led secondaries to eventually reach 50 percent of market share by the end of 2018, attributing a growing acceptance of their use among marquee private-equity firms such as
Warburg Pincus and BC Partners as cause for their mainstream acceptance.
438:
of direct investments in operating companies, rather than limited-partnership interests in investment funds. These portfolios historically have originated from either corporate development programs or large financial institutions. Typically, this category can be subdivided as follows:
2131:
279:
of players over the years, which ultimately led to what today has become a highly competitive and fragmented market. Leading secondary investment firms with current dedicated secondary capital in excess of circa $ 3 billion include: Blackstone
Strategic Partners,
473:
This category typically refers to the sale of the remaining assets in a private-equity fund that is approaching, or has exceeded, its anticipated life. A tail-end transaction allows the manager of the fund to achieve liquidity for the fund's investors.
2963:
400:
vehicle) which in turn issues notes and generates partial liquidity for the seller. Typically, the investor will also sell a portion of the equity in the leveraged vehicle. This is also referred to as a collateralized-fund-obligation vehicle.
839:
rise to the growing sophistication of secondaries transactions, increased demand for liquidity on the part of institutional investors and a growing number of fund managers using the secondary market to gain access to new streams of capital.
654:, the founder of Coller Capital and the individual credited with industrialising secondaries; Arnaud Isnard, who worked with Carr at VCFA and would later form ARCIS, a secondary firm based in France and Stanley Alfeld, founder of
1846:
1053:
agrees to the sale of $ 2.1 billion portfolio of legacy private-equity funds at the end of 2007, after a process that had lasted more than a year. The buying group included Oak Hill
Investment Management, Conversus Capital,
264:
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.
2810:
625:
740:
At the same time, the outlook for buyers became more uncertain and a number of prominent secondary players were slow to purchase assets. In certain cases, buyers that had agreed to secondary purchases began to exercise
365:
Diagram of a simple secondary market transfer of a limited-partnership fund interest. The buyer exchanges a single cash payment to the seller for both the investments in the fund plus any unfunded commitments to the
804:. New York City Employees Retirement System sold a $ 975 million portfolio of private-equity fund interests. State of Wisconsin Investment Board sold a $ 1 billion portfolio of large buyout fund interests Swedish
2960:
3505:
3083:
2691:
618:
2185:
2006:
1726:
245:
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.
1843:
2112:
2097:
2272:
611:
3578:
2807:
2727:
1512:
248:
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
2498:
353:, where both limited partners and general partners can raise additional capital at net asset value whilst preserving ownership of their portfolio and its future upside.
3076:
338:
have active secondary investment programs. Other institutional investors typically have appetites for secondary interests. More and more primary investors, whether
928:. As part of the deal, StepStone Group will take over management of a portfolio of funds-of-funds and buyout co-investments previously run by Citi Private Equity .
2787:
2345:
2303:
3152:
1491:
639:
494:
2053:
2433:
2358:
3638:
3069:
3550:
2034:
2478:
3659:
2517:
2003:
1723:
1518:
2755:
2645:
1097:
completes the spin-out of BA Venture
Partners to form Scale Venture Partners, which was funded by an undisclosed consortium of secondary investors
2081:
1975:
1079:
2413:
421:
A secondary transaction where an LP gains liquidity very early in the life of the fund, where the fund has called under 10% of the fund or less
2695:
1219:
plc completes the sale of £748m ($ 1.33 billion) of LP interests in 41 private-equity funds and 16 interests in private European companies, to
46:
33:
2846:
2570:
2982:
1120:
American Capital Strategies sells a $ 1 billion portfolio of investments to a consortium of secondary buyers including HarbourVest Partners,
2109:
1921:
Vaughn, Hope and Barrett, Ross. "Secondary Private Equity Funds: The Perfect Storm: An Opportunity in Adversity". Columbia Strategy, 2003.
1148:
2900:
2269:
677:) sold portfolios of direct investments and "pay-to-play" funds portfolios that were typically used as a means to gain entry to lucrative
1037:) in one of the first public to private transactions of a publicly traded private-equity company completed by secondary market investors.
3372:
3367:
1524:
3046:
2550:
1783:
1660:
1133:
completes the spin-out of BA Capital Europe to form Argan Capital, which was funded by an undisclosed consortium of secondary investors
1076:
completes $ 3.8 billion fundraising for their newest funds, the largest and second largest funds raised to date in the secondary market
3275:
2586:
1827:
706:. Pricing in the market fell steadily throughout 2008 as the supply of interests began to greatly outstrip demand and the outlook for
703:
2450:
2143:
64:
2743:
1697:
2495:
1991:
3160:
3137:
2864:
2770:
2711:
749:
fell dramatically from 2008 levels as market participants continued to struggle to agree on price. Reflecting the gains in the
512:
99:
1800:
3608:
3350:
2384:
2319:
1034:
764:
730:
397:
150:
1636:
3618:
3588:
2155:
165:
80:
2359:
http://www.financialpost.com/markets/news/Citi+Divest+Private+Equity+Fund+Funds+Investments+Businesses/3270599/story.html
702:
The secondary market for private-equity interests has entered a new phase in 2008 with the onset and acceleration of the
257:
available for sellers of private-equity assets. The volume of the Secondary Market accounts for US$ 108 billion in 2022.
3669:
3598:
3355:
2692:"American Capital Raises $ 1 Billion Equity Fund; Expands Its Asset Management Business; Will Host 9 am Conference Call"
1481:
1111:
3185:
3180:
3175:
3170:
3165:
1673:
970:
Private Equity) refinances its private-equity fund portfolio through a $ 225m structured secondary transaction led by
768:
not expected to decrease in 2012 compared to 2011, a record year as, in addition to the banks under pressure from the
592:
580:
560:
544:
528:
1867:
2961:
Lucent Technologies and Coller Capital form independent venture firm to manage Lucent's New Ventures Group portfolio
1537:
Overlooking Private Equity Partnerships Can Be Costly Mistake Secondary Market Offers Liquidity for Limited Partners
1209:
The State of Connecticut Retirement and Trust completes the sale of a portfolio of private-equity fund interests to
3232:
2050:
1574:
3027:
1956:
1884:
1710:
3442:
3392:
3330:
3290:
3237:
2288:
2246:
2069:
1322:
1234:
971:
2397:
805:
796:
2012 saw a record level of activity on the secondary market peaking at around $ 26bn of transactions completed.
3628:
3545:
3540:
2924:
907:
797:
682:
910:
sells a portfolio comprising 33 fund interests, primarily European mid-market funds, for a value of $ 730m to
3664:
3525:
3520:
3475:
3014:
2430:
2300:
1343:
742:
3227:
1957:
Buyouts Still Dominate Surging Secondaries Market: Some Say Market Is Overcapitalized Fund-of-Join The Game
1257:
sells a $ 2 billion investment portfolio to a consortium of secondary investors, led by NIB Capital (today
873:
completes a series of large portfolio purchases including $ 1.7 billion of private-equity fund assets from
3535:
3500:
3397:
2938:"The evolution of private equity secondary activity in the United States: liquidity for an illiquid asset"
2475:
1931:
1854:
448:
direct portfolios from AEA Technology to Coller Capital and Vision Capital in 2005 and 2006 respectively.
242:
2514:
2361:
Citi to Divest Private Equity Fund of Funds and Co-Investments Businesses."Financial Post, July 13, 2010.
1756:
1139:
completes the sale of a $ 900 million interest in JPMP Global Fund to a consortium of secondary investors
826:$ 2.5 billion, infrastructure funding $ 1.9 billion and timber fund deals at $ 0.2 billion. According to
3452:
3360:
3031:
2830:
2649:
2170:
1960:
1909:
1888:
1531:
The evolution of private equity secondary activity in the United States: liquidity for an illiquid asset
781:
2270:
http://mediacommun.ca-cib.com/sitegenic/medias/DOC/94509/2011-12-16-cp-casa-coller-cession-cape-eng.pdf
2022:
1743:
3010:
1972:
1291:, kick-starting the evolution of the market for "secondary direct" or "synthetic secondary" interests.
1151:
completes the £435 million sale of a portfolio of 10 real estate secondaries to Liquid Realty Partners
3480:
3265:
3142:
2410:
2173:
2158:
1536:
1018:
988:
956:
851:
The following is a timeline of some of the most notable secondary transactions and other milestones:
729:
With the crash in global markets from in the fall of 2008, more sellers entered the market including
296:
200:
2188:
1648:
745:(MAC) clauses in their contracts to walk away from deals that they had agreed to only weeks before.
3555:
3417:
3325:
3320:
3316:
3270:
2843:
2567:
2534:
1698:
The Private Equity Secondaries Market, A complete guide to its structure, operation and performance
1288:
1000:
777:
435:
3043:
2979:
2205:
3530:
3490:
3427:
3422:
3260:
1379:
1318:
1301:
1274:
W Capital, first fund developed to purchase direct company positions on a secondary basis, formed
1188:
1174:
1170:
1121:
1073:
1055:
1014:
996:
935:
925:
911:
894:
884:
870:
827:
737:
in their existing portfolios or as they had to achieve liquidity under a limited amount of time.
678:
600:
300:
280:
109:
1768:
1342:, acquired a $ 340 million portfolio of direct investments in large- and mid-cap companies from
951:
sells its European venture capital portfolio comprising interests in 30 companies for $ 220m to
864:
504:
2937:
2904:
1530:
3495:
3222:
3217:
3212:
3127:
1453:
1440:
1402:
1383:
1321:
complete the purchase of over 250 direct equity investments valued at nearly $ 1 billion from
1262:
1229:
1204:
1063:
1022:
655:
458:
342:
or other institutional investors, also allocate some of their primary program to secondaries.
304:
195:
190:
170:
1237:
announces first venture Secondary fund, the largest ever based in Israel and the Middle East.
3335:
3204:
3115:
2332:
1780:
1600:
1335:
1247:
HarbourVest acquires a $ 1.3 billion of private-equity fund interests in over 50 funds from
1142:
1115:
707:
552:
536:
312:
288:
284:
175:
160:
2590:
1824:
3515:
3437:
3285:
3247:
3122:
3096:
2997:
2986:
2967:
2868:
2850:
2814:
2774:
2715:
2632:
2574:
2521:
2502:
2482:
2437:
2417:
2307:
2276:
2116:
2057:
2010:
1979:
1943:
1850:
1831:
1787:
1730:
1486:
1339:
1130:
1094:
931:
205:
124:
114:
2454:
2229:
1040:
17Capital founded - a pioneer of preferred capital, a non-traditional secondary strategy.
2371:
3340:
3255:
3132:
3092:
2085:
2038:
1871:
1801:"Europe's 50 Most Influential in Private Equity 2019 - Slideshow - Private Equity News"
1476:
1431:
1389:
1356:
1314:
1284:
1220:
1216:
1210:
1136:
1125:
1069:
1059:
1026:
1006:
960:
915:
860:
801:
723:
670:
662:
568:
520:
335:
331:
308:
292:
238:
180:
145:
1408:
VCFA Group completes the purchase of the Northrop Grumman Ventures portfolio of assets
3653:
3447:
3432:
3412:
3300:
3061:
3050:
1435:
1305:
1254:
1184:
1161:
1107:
1089:
992:
666:
651:
572:
462:
339:
327:
323:
319:
129:
2861:
2767:
2708:
2670:
1110:
purchases a $ 1.4 billion private-equity portfolio (fund and direct interests) from
3560:
3485:
3457:
3402:
3295:
1418:
1309:
1030:
773:
750:
253:
210:
119:
94:
1082:
sells a $ 400 million portfolio of private-equity fund interests to Pomona Capital
987:
sells a portfolio of private-equity interests in 32 European companies managed by
1405:
acquires $ 157 million of LBO fund interests from Westinghouse Credit Corporation
710:
and other private-equity investments worsened. Financial institutions, including
3345:
2818:
2731:
1456:
launched Pantheon International Participation, an early dedicated secondary fund
1145:
completes $ 810 million securitization of a portfolio of 46 private-equity funds
249:
215:
1504:
Lemke, Thomas P., Lins, Gerald T., Hoenig, Kathryn L. & Rube, Patricia S.,
934:
sells a portfolio comprising 60 fund interests for a value of $ 1.9 billion to
361:
3510:
3280:
1225:
952:
734:
2230:"GP-Led Secondary Transactions: A "New-Fashioned" Way of Achieving Liquidity"
2051:
LGT Capital Partners announces final close of Crown Global Secondaries II plc
3407:
1521:(AltAssets), Sector Analysis: Case for Sectors. (Articles from 2001 to 2007)
1386:
professionals Brent Nicklas and Richard Lichter (currently Newbury Partners)
1258:
921:
874:
769:
711:
104:
1213:, representing one of the first secondary market sales by a US pension fund
237:) refers to the buying and selling of pre-existing investor commitments to
2881:
1513:
Secondary Markets in Private Equity and the Future of U.S. Capital Markets
2768:
AlpInvest and Lexington Partners buy $ 1.2bn secondary portfolio from DPL
1421:
founded and acquires $ 85 million venture portfolio from Hillman Ventures
1200:
1178:
1010:
984:
878:
715:
370:
Secondary transactions can be generally split into two basic categories:
275:
2612:
955:, a venture capital fund backed by two global private-equity investors:
1905:
1901:
1085:
1050:
924:
sells a $ 1 billion portfolio of funds interests and co-investments to
890:
685:
assignments but had created hundreds of millions of dollars of losses.
155:
2756:
Liquid Realty Acquires GBP 435 Million Real Estate Secondary Portfolio
2694:. American Capital Strategies. PR Newswire. 2006-10-04. Archived from
1308:
acquire $ 500 million portfolio of private-equity fund interests from
3110:
2333:
Lexington Partners To Buy $ 730M Private Equity Portfolio From Lloyds
1625:
Hedge Funds and Other Private Equity Funds: Regulation and Compliance
1558:
Hedge Funds and Other Private Equity Funds: Regulation and Compliance
1506:
Hedge Funds and Other Private Equity Funds: Regulation and Compliance
1248:
1187:
completes the sale of a 20 fund portfolio of private-equity funds to
914:. In a separate transaction Lloyds sells a £480 million portfolio to
674:
1088:
sells a $ 400 million portfolio of private-equity fund interests to
1013:
offer from a consortium of private-equity secondary firms including
1466:
Venture Capital Fund of America (VCFA Group) founded by Dayton Carr
1203:
sells a $ 1 billion portfolio of private-equity fund interests to
360:
2035:
Singapore's GIC Said to Offer $ 700 Million in Buyout-Fund Stakes
396:
An investor contributes its fund interests into a new vehicle (a
185:
3065:
2098:
Credit Suisse Raises $ 2.9 Billion to Purchase Secondary Stakes
2082:
Axa Private Equity Said to Seek More Capital for Secondary Fund
1443:
founded by Stanley Alfeld, John A. Griner III and Brent Nicklas
1369:
Secondary volume estimated to exceed $ 1 billion for first time
2301:
Banks seen selling Private Equity assets, but not at any price
1165:
967:
719:
18:
2671:"Dow Jones Financial News: Goldman picks up Mellon portfolio"
2156:
Private equity secondary deal volume totals $ 36 bln: survey
893:
sells an $ 800 million portfolio of private-equity funds to
784:
continued to utilize the secondary market to divest assets.
2385:
3i agrees VC asset sale with Coller, HarbourVest consortium
1868:
Business; Private Traders See Gold in Venture Capital Ruins
1177:
acquired a portfolio of private-equity fund interests from
948:
1992:
Cash panic sweeping VC industry: The capital calls problem
1769:
Just closed a new fund and already an investor wants out?!
2372:
AXA buys $ 1.9 billion private-equity portfolio from BofA
2568:
Coller International Partners V closes at $ 4.5 billion'
1661:
The Private Equity Analyst Guide to the Secondary Market
1164:
sells a $ 1.4 billion private-equity funds portfolio to
1051:
California Public Employees' Retirement System (CalPERS)
1033:, Portfolio Advisors, and Procific (a subsidiary of the
867:(CAPE) and the large majority of the funds CAPE manages.
2070:
Morgan Stanley beats target for $ 500m secondaries fund
318:
Additionally, major investment banking firms including
252:
is illiquid, intended to be a long-term investment for
42:
2844:
Abbey sells private equity portfolio to Coller Capital
2346:
Lloyds sells private equity division to Coller Capital
2289:
AXA Unit to Buy $ 1.7 Billion Portfolio From Citigroup
2132:
Running From Megafunds, Wisconsin Sells $ 1B Portfolio
1601:"In Tough Times, Private Market Secondaries Can Shine"
772:
regulations, other institutional investors, including
650:
Other early pioneers in the secondary market include:
457:
example of this type of transaction is the spinout of
2862:
Pantheon acquires Swiss Life private equity portfolio
2320:
AlpInvest picks up $ 800m in fund stakes from CalPERS
2247:"Demystifying a Roaring Secondaries Market | Navatar"
1637:
Evercore: Distressed sellers 1% of 2013 market volume
1114:, following the announcement of Mellon's merger with
2451:"Discount offered to offload ABN Amro's Secondaries"
2144:
Swedish Länsförsäkringar to sell €1.5bn PE portfolio
1906:
Secondaries Pros Discuss Market's Evolution - Cont'd
1359:
launches the first globally focused secondaries fund
800:
sold a $ 1.9bn portfolio of private-equity funds to
3466:
3385:
3309:
3246:
3203:
3194:
3151:
3103:
2551:Calpers, and where private-equity funds go to die.
2279:. Crédit Agricole press release, December 16, 2011
1560:, §5:28; §§13:34 - 13:38 (Thomson West, 2014 ed.).
2476:Macquarie Capital will spend $ 836m to go private
2004:MAC uncertainty grips sellers in secondary market
1519:All about private equity investing in Secondaries
1228:sold more than 40 fund and direct investments to
2635:-- Review of Secondary Advisor Selection Process
345:As the private-equity secondary market matures,
2831:Lexington Partners Buys Merrill Lynch Portfolio
2515:CalPERs private equity stakes under microscope.
1973:Private Equity Market Environment: Spring 2004
1711:Escaping PE Purgatory Through A Secondary Sale
1693:
1691:
1689:
1687:
1685:
1683:
1681:
3077:
2440:." Pensions&Investments, August 12, 2008.
1944:A Secondary Market for Private Equity is Born
1934:Guide to the Secondary Market (2007 Edition).
1492:History of private equity and venture capital
640:History of private equity and venture capital
619:
8:
3579:Private equity and venture capital investors
3011:Crossroads uses EDS portfolio to launch fund
2206:"Secondary private equity deals near record"
2119:Private Equity International, March 13, 2013
1930:Rossa, Jennifer and White, Chad. Dow Jones
2833:. Private Equity Analyst, April 2005 (p.10)
2505:". The Sydney Morning Herald, June 16, 2008
2199:
2197:
2110:European Secondaries Deal of the Year, 2012
1902:Secondaries Pros Discuss Market's Evolution
1825:Secondary sales of private equity interests
1700:The Private Equity Secondaries Market, 2008
3614:
3594:
3551:Taxation of private equity and hedge funds
3368:Private investment in public equity (PIPE)
3200:
3084:
3070:
3062:
3028:Newbury Partners Promises To Keep A Secret
2335:." Wall Street Journal, December 15, 2010.
2127:
2125:
1744:Lehman to spin out European mezzanine unit
626:
612:
490:
430:Secondary directs or synthetic secondaries
76:
2788:"M&A legal guru urges more diligence"
2400:." PE Secondaries Wire, November 2, 2009.
2025:, Private Equity Online, February 1, 2012
1649:Evercore: secondaries funds target $ 30bn
1539:(Turnaround Management Association, 2006)
65:Learn how and when to remove this message
3044:Pantheon Ventures: Secondary Investments
2535:Five buy record $ 3bn Calpers portfolio.
2453:. Penews.com. 2008-08-18. Archived from
1771:Abe Finkelstein, Vintage, July 23, 2019]
1072:completes $ 4.8 billion fundraising and
2589:. Lexingtonpartners.com. Archived from
2013:Private Equity Online, November 3, 2008
1946:, The Industry Standard, 28 August 2001
1549:
731:publicly traded private-equity vehicles
661:In the years immediately following the
591:
579:
559:
543:
527:
511:
493:
137:
86:
79:
2980:The Royal Bank of Scotland: asset sale
2648:. Financialnews-us.com. Archived from
2496:Macquarie Capital soars on buyout plan
2171:Secondary volume goes through the roof
1733:." PrivateEquity Online, July 15, 2010
1392:launches Europe's first secondary fund
877:and $ 740 million of fund assets from
3000:acquired The Crossroads Group in 2005
2524:Reuters 'Dealzone' November 20, 2008.
2387:." PEI Asia News, September 13, 2009.
2060:. LGT Capital Partners, June 24, 2010
2023:Secondary market set to break records
1885:Secondaries Getting Primary Attention
1568:
1566:
1338:, which was subsequently acquired by
7:
2633:Ohio Bureau of Worker's Compensation
1759:." Financial News, February 23, 2010
1149:The Equitable Life Assurance Society
1080:Ohio Bureau of Workers' Compensation
758:2010 to 2011 – post-financial-crisis
347:non-traditional secondary strategies
2744:Singapore's Temasek Hits Hard Going
2728:ACS spins off stakes into $ 1B fund
1844:The Private Equity Analyst: PE Wire
1251:through a joint-venture transaction
887:founded as a spinout from Citigroup
349:are emerging. One such strategy is
2882:"Vintage fund raises $ 65 million"
2709:American Capital raises $ 1bn fund
2100:, Business Week, February 14, 2012
1627:, §13:34 (Thomson West, 2014 ed.).
14:
2903:. Harbourvest.com. Archived from
2646:"Secondaries join the mainstream"
2431:Goldman group snags ABN AMRO unit
2204:Espinoza, Javier (31 July 2017).
2186:Setter Capital Volume Report 2014
1757:Fidelity spin-out doubles in size
1573:Ryan, Dezember (April 24, 2014).
763:transacted at around NAV. As the
3634:
3633:
3624:
3623:
3613:
3604:
3603:
3593:
3584:
3583:
3574:
3573:
2927:. Financial Times, March 9, 2003
2808:DPL to sell PE stakes for $ 850M
2673:. Efinancialnews.com. 2007-01-04
2485:". The Australian, June 17, 2008
1781:Contrarian : Second Helping
1746:." Financial Times, May 10, 2010
1623:Lemke, Lins, Hoenig & Rube,
1556:Lemke, Lins, Hoenig & Rube,
1181:, an Ohio-based electric utility
503:
23:
3660:Private equity secondary market
2613:"OBWC Portfolio Sale Nears End"
2587:"Lexington Capital Partners VI"
2348:." The Telegraph, July 6, 2010.
2072:. Efinancial News, May 18, 2010
1834:." AltAssets, February 18, 2002
1287:acquires 27 companies owned by
555:and the venture capital bubble)
357:Types of secondary transactions
287:(formerly AXA Private Equity),
227:private-equity secondary market
100:Development finance institution
3351:Publicly traded private equity
2925:MidOcean Embraces Independence
2291:. New York Times, June 8, 2011
1663:. Private Equity Analyst, 2004
1599:Burroughes, Tom (2023-03-21).
1035:Abu Dhabi Investment Authority
865:Crédit Agricole Private Equity
765:European sovereign debt crisis
452:Synthetic secondary or spinout
398:collateralized-fund-obligation
151:Bull (stock market speculator)
1:
3619:List of venture capital firms
2790:. Marketwatch.com. 2005-02-17
2758:. Business Wire, May 3, 2006
2146:. Unquote PE, August 20, 2012
1994:VentureBeat, November 7, 2008
1575:"Bargain Bin Is Now Big Deal"
704:financial crisis of 2007–2008
434:This category is the sale of
340:private-equity funds of funds
269:Secondary-market participants
81:Financial market participants
3599:List of private equity firms
3356:Business Development Company
1482:List of private-equity firms
1112:Mellon Financial Corporation
1009:, in June 2008, announced a
808:sold a €1.5bn PE portfolio.
2611:Primack, Dan (2007-04-03).
2374:." Reuters, April 22, 2010.
1724:UK GPs: It's spin-out time
1674:Private Equity Intelligence
1533:(Routes to Liquidity, 2004)
1235:Vintage Investment Partners
1108:Goldman Sachs Vintage Funds
991:to a consortium comprising
3686:
3443:High-net-worth individuals
3233:Leveraged recapitalization
2901:"HarbourVest transactions"
2322:. AltAssets, April 7, 2011
1525:Private Equity Secondaries
1007:Macquarie Capital Alliance
726:, were prominent sellers.
698:2008 and the credit crisis
637:
231:private-equity secondaries
3569:
3331:Limited liability company
3291:Venture capital financing
3238:Dividend recapitalization
2420:."APEN, October 27, 2009.
2310:, Reuters, July 19, 2011
1508:(Thomson West, 2014 ed.).
1323:National Westminster Bank
972:Fortress Investment Group
718:as well as affiliates of
495:History of private equity
383:Structured joint ventures
1713:." Buyouts, July 7, 2007
1651:PEI Media, 14 April 2014
1639:PEI Media, 14 April 2014
1179:Dayton Power & Light
918:through a joint venture.
908:Lloyds Banking Group plc
798:Lloyds Banking Group plc
683:mergers and acquisitions
425:Sale of direct interests
409:Commonly referred to as
37:may need to be rewritten
3398:Institutional investors
3015:Dallas Business Journal
2557:blog, November 5, 2007.
1344:Electronic Data Systems
1090:CSFB Strategic Partners
743:material-adverse-change
3536:Liquidation preference
3501:Distribution waterfall
3453:Sovereign wealth funds
2899:Name A-D E-J K-P Q-Z.
2553:Wall Street Journal's
1932:Private Equity Analyst
1855:Private Equity Analyst
1310:Chase Capital Partners
782:sovereign wealth funds
374:Sale of fund interests
367:
243:alternative investment
3609:Venture capital firms
3361:Venture capital trust
2746:(Asia Sentinel, 2007)
1857:), February 24, 2003.
1515:, Harvard Law School.
1261:), that would become
751:public-equity markets
364:
16:Financial marketplace
3589:Private equity firms
3317:Private equity firms
3266:Post-money valuation
3143:Equity co-investment
3017:, September 24, 1999
2398:PE Secondaries Alert
1019:HarbourVest Partners
989:AAC Capital Partners
957:HarbourVest Partners
478:Structured secondary
417:Low-funded secondary
405:Stapled transactions
297:HarbourVest Partners
201:Financial regulation
3670:Financial economics
3639:Portfolio companies
3556:Undercapitalization
3408:Insurance companies
3326:Limited partnership
3271:Pre-money valuation
2540:, February 5, 2008.
2161:, DECEMBER 23, 2013
1982:, Probitas Partners
1912:, December 16, 2002
1511:Cannon, Vincent T.
1289:Lucent Technologies
778:insurance companies
519:(origins of modern
497:and venture capital
411:stapled secondaries
229:(also often called
105:Insurance companies
3491:Capital commitment
3261:Business incubator
3228:Buy–sell agreement
2985:2008-05-06 at the
2966:2009-02-01 at the
2871:. AltAssets, 2004
2867:2009-02-06 at the
2849:2009-01-08 at the
2813:2013-11-05 at the
2773:2008-05-06 at the
2714:2009-02-06 at the
2573:2007-12-28 at the
2533:Craig, Catherine.
2520:2009-02-01 at the
2501:2008-08-03 at the
2481:2009-02-04 at the
2436:2009-02-02 at the
2416:2011-07-07 at the
2411:APEN Press Release
2306:2013-11-05 at the
2275:2012-05-23 at the
2176:, JANUARY 22, 2015
2115:2013-09-21 at the
2088:, February 1, 2012
2056:2011-07-13 at the
2041:, January 20, 2012
2009:2009-02-01 at the
1978:2008-09-10 at the
1849:2008-09-10 at the
1830:2009-02-06 at the
1786:2008-03-09 at the
1729:2011-07-15 at the
1382:founded by former
1380:Lexington Partners
1319:Lexington Partners
1302:Lexington Partners
1189:Lexington Partners
1175:AlpInvest Partners
1171:Lexington Partners
1122:Lexington Partners
1074:Lexington Partners
1056:Lexington Partners
1015:AlpInvest Partners
1003:for $ 1.5 billion.
997:AlpInvest Partners
936:AXA Private Equity
926:Lexington Partners
912:Lexington Partners
895:AlpInvest Partners
885:Auldbrass Partners
871:AXA Private Equity
828:Setter Capital Inc
601:COVID-19 recession
368:
301:Lexington Partners
281:AlpInvest Partners
3647:
3646:
3496:Capital structure
3381:
3380:
3223:Divisional buyout
3218:Management buyout
3213:Financial sponsor
3053:. Company Website
3034:, August 20, 2007
2549:Tracy, Tennille.
1874:, April 15, 2001.
1790:(Dealmaker, 2007)
1454:Pantheon Ventures
1441:Landmark Partners
1403:Landmark Partners
1384:Landmark Partners
1263:MidOcean Partners
1230:Pantheon Ventures
1205:Landmark Partners
1064:Pantheon Ventures
1023:Pantheon Ventures
679:leveraged finance
656:Landmark Partners
636:
635:
459:MidOcean Partners
351:preferred capital
305:Pantheon Ventures
223:
222:
196:Financial planner
191:Financial analyst
186:Banks and banking
171:Corporate finance
75:
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67:
47:lead layout guide
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1336:Crossroads Group
1143:Temasek Holdings
1116:Bank of New York
806:Länsförsäkringar
708:leveraged buyout
628:
621:
614:
553:leveraged buyout
537:leveraged buyout
507:
491:
443:Secondary direct
313:Neuberger Berman
289:Capital Dynamics
225:In finance, the
176:Personal finance
161:Financial market
115:Investment funds
110:Investment banks
77:
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59:
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43:improve the lead
27:
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3469:financial terms
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3059:
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3009:Cawley, Rusty "
3008:
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2998:Lehman Brothers
2996:
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2987:Wayback Machine
2978:Press Release:
2977:
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2968:Wayback Machine
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2210:Financial Times
2203:
2202:
2195:
2191:, JANUARY, 2015
2184:
2180:
2174:Reuters: PE Hub
2169:
2165:
2159:Reuters: PE Hub
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2117:Wayback Machine
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2011:Wayback Machine
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1998:
1990:
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1980:Wayback Machine
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1929:
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1891:, July 22, 2002
1882:
1878:
1866:Cortese, Amy. "
1865:
1861:
1851:Wayback Machine
1842:
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1832:Wayback Machine
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1331:
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1104:
1095:Bank of America
1058:, HarbourVest,
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3140:
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3119:
3118:
3107:
3105:
3101:
3100:
3093:Private equity
3091:
3089:
3088:
3081:
3074:
3066:
3056:
3055:
3049:2013-06-30 at
3036:
3019:
3002:
2990:
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2917:
2891:
2873:
2854:
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2823:
2800:
2779:
2760:
2748:
2736:
2720:
2701:
2698:on 2010-09-20.
2683:
2662:
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2625:
2603:
2578:
2559:
2542:
2538:Financial News
2526:
2507:
2487:
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2389:
2376:
2363:
2350:
2337:
2324:
2312:
2293:
2281:
2262:
2238:
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2193:
2189:Setter Capital
2178:
2163:
2148:
2136:
2121:
2102:
2090:
2074:
2062:
2043:
2027:
2015:
1996:
1984:
1965:
1963:, May 24, 2004
1948:
1936:
1923:
1914:
1893:
1876:
1872:New York Times
1859:
1836:
1816:
1805:www.penews.com
1792:
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1484:
1479:
1477:Private equity
1472:
1469:
1468:
1467:
1462:
1459:
1458:
1457:
1449:
1446:
1445:
1444:
1438:
1432:Coller Capital
1427:
1424:
1423:
1422:
1414:
1411:
1410:
1409:
1406:
1398:
1395:
1394:
1393:
1390:Coller Capital
1387:
1375:
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1370:
1365:
1362:
1361:
1360:
1357:Coller Capital
1352:
1349:
1348:
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1327:
1326:
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1315:Coller Capital
1312:
1297:
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1285:Coller Capital
1280:
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1270:
1267:
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1252:
1243:
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1232:
1223:
1221:Coller Capital
1217:Abbey National
1214:
1211:Coller Capital
1207:
1196:
1193:
1192:
1191:
1182:
1168:
1157:
1154:
1153:
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1140:
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1134:
1128:
1126:Partners Group
1118:
1103:
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1099:
1098:
1092:
1083:
1077:
1070:Coller Capital
1067:
1060:Coller Capital
1046:
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1041:
1038:
1027:Partners Group
1004:
980:
977:
976:
975:
964:
961:Coller Capital
944:
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939:
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916:Coller Capital
903:
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861:Coller Capital
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802:Coller Capital
793:
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671:Abbey National
646:
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638:Main article:
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569:dot-com bubble
564:
563:
557:
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548:
547:
541:
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531:
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524:
521:private equity
516:
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488:
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467:
453:
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392:Securitization
390:
384:
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336:Morgan Stanley
332:JPMorgan Chase
309:Partners Group
293:Coller Capital
270:
267:
239:private-equity
221:
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32:The article's
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3161:Early history
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3051:archive.today
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2907:on 2012-07-30
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2718:. (AltAssets)
2717:
2713:
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2702:
2697:
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2672:
2666:
2663:
2652:on 2007-08-13
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2593:on 2013-11-05
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2457:on 2015-04-03
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1436:Jeremy Coller
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1306:Hamilton Lane
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1255:Deutsche Bank
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1199:
1198:
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1190:
1186:
1185:Merrill Lynch
1183:
1180:
1176:
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1162:Dresdner Bank
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993:Goldman Sachs
990:
986:
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774:pension funds
771:
766:
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746:
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738:
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732:
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725:
721:
717:
713:
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697:
695:
688:
686:
684:
680:
676:
672:
668:
667:Deutsche Bank
664:
663:dot-com crash
659:
657:
653:
652:Jeremy Coller
645:Early history
644:
641:
629:
624:
622:
617:
615:
610:
609:
607:
606:
602:
598:
597:
594:
590:
586:
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582:
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573:credit crunch
570:
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558:
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534:
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530:
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513:Early history
510:
506:
502:
501:
498:
492:
486:
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477:
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463:Deutsche Bank
460:
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329:
328:Goldman Sachs
325:
324:Deutsche Bank
321:
320:Credit Suisse
316:
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302:
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125:Prime brokers
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120:Pension funds
118:
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98:
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95:Credit unions
93:
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90:
87:Organisations
85:
82:
78:
69:
66:
58:
48:
45:and read the
44:
38:
35:
30:
21:
20:
3561:Vintage year
3486:Capital call
3458:Crowdfunding
3393:Corporations
3296:Venture debt
3058:
3039:
3022:
3005:
2993:
2974:
2955:
2944:. Retrieved
2932:
2920:
2909:. Retrieved
2905:the original
2894:
2885:
2876:
2857:
2838:
2826:
2803:
2792:. Retrieved
2782:
2763:
2751:
2739:
2723:
2704:
2696:the original
2686:
2675:. Retrieved
2665:
2654:. Retrieved
2650:the original
2640:
2628:
2617:. Retrieved
2606:
2595:. Retrieved
2591:the original
2581:
2562:
2555:Deal Journal
2554:
2545:
2537:
2529:
2510:
2490:
2470:
2459:. Retrieved
2455:the original
2445:
2425:
2405:
2392:
2379:
2366:
2353:
2340:
2327:
2315:
2296:
2284:
2265:
2254:. Retrieved
2250:
2241:
2224:
2213:. Retrieved
2209:
2181:
2166:
2151:
2139:
2105:
2093:
2077:
2065:
2046:
2030:
2018:
1999:
1987:
1968:
1951:
1939:
1926:
1917:
1896:
1879:
1862:
1839:
1819:
1808:. Retrieved
1804:
1795:
1776:
1764:
1751:
1738:
1718:
1705:
1668:
1656:
1644:
1632:
1624:
1619:
1608:. Retrieved
1604:
1594:
1582:. Retrieved
1578:
1557:
1552:
1505:
1419:Paul Capital
1031:Paul Capital
850:
841:
837:
824:
815:
795:
786:
761:
747:
739:
728:
701:
692:
689:2004 to 2007
660:
648:
481:
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455:
446:
433:
420:
410:
408:
395:
386:
377:
369:
350:
346:
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317:
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254:buy-and-hold
247:
234:
230:
226:
224:
211:Stock Market
166:Participants
61:
55:October 2020
52:
41:Please help
36:
34:lead section
3423:Foundations
3346:Pledge fund
3138:Secondaries
2819:TheDeal.com
2777:(AltAssets)
2732:TheDeal.com
2615:. Pehub.com
1527:Ennis Knupp
1434:founded by
735:write-downs
587:(expansion)
250:asset class
235:secondaries
216:Super angel
3654:Categories
3511:Envy ratio
3418:Endowments
3281:Seed money
3195:Terms and
2946:2014-07-30
2911:2014-07-30
2794:2014-07-30
2677:2014-07-30
2656:2014-07-30
2619:2014-07-30
2597:2014-07-30
2461:2014-07-30
2256:2018-03-05
2215:2018-03-05
1810:2020-10-12
1610:2023-09-22
1498:References
1226:Swiss Life
966:APEN (fka
953:DFJ Esprit
847:Milestones
436:portfolios
388:interest.
241:and other
3481:Cap table
3386:Investors
3310:Structure
3128:Mezzanine
3116:Leveraged
2886:TheMarker
2086:Bloomberg
2039:Bloomberg
1259:AlpInvest
922:Citigroup
875:Citigroup
863:acquires
834:2014–2018
770:Basel III
724:Macquarie
712:Citigroup
593:The 2020s
581:The 2010s
561:The 2000s
545:The 1990s
529:The 1980s
465:in 2003.
3531:Leverage
3467:Related
3197:concepts
3047:Archived
2983:Archived
2964:Archived
2865:Archived
2847:Archived
2811:Archived
2771:Archived
2712:Archived
2571:Archived
2518:Archived
2499:Archived
2479:Archived
2434:Archived
2414:Archived
2304:Archived
2273:Archived
2113:Archived
2054:Archived
2007:Archived
1976:Archived
1847:Archived
1828:Archived
1784:Archived
1727:Archived
1672:Source:
1584:29 April
1471:See also
1201:Bank One
1011:takeover
985:ABN AMRO
879:Barclays
716:ABN AMRO
469:Tail-end
276:Evercore
3541:M&A
3248:Venture
3153:History
3123:Venture
3032:Buyouts
2251:Navatar
1961:Buyouts
1910:Buyouts
1889:Buyouts
1086:MetLife
891:CalPERS
754:years.
571:to the
487:History
156:Finance
3506:EBITDA
3205:Buyout
3133:Growth
3111:Buyout
1249:UBS AG
1062:, and
999:, and
675:UBS AG
285:Ardian
130:Trusts
3321:funds
3186:2020s
3181:2010s
3176:2000s
3171:1990s
3166:1980s
2941:(PDF)
2233:(PDF)
1545:Notes
1346:(EDS)
539:boom)
461:from
366:fund.
138:Terms
3373:SPAC
3319:and
3276:SAFE
3095:and
1586:2014
1461:1982
1448:1988
1426:1989
1413:1991
1397:1992
1374:1994
1364:1997
1351:1998
1334:The
1329:1999
1317:and
1304:and
1296:2000
1279:2001
1269:2002
1242:2003
1195:2004
1173:and
1156:2005
1124:and
1102:2006
1045:2007
979:2008
959:and
943:2009
902:2010
855:2011
821:2014
812:2013
792:2012
780:and
722:and
714:and
681:and
311:and
3546:PME
3526:IRR
3521:IPO
3476:AUM
3030:."
3013:."
1959:."
1904:."
1887:."
1870:."
1579:WSJ
1166:AIG
1001:CPP
968:AIG
720:AIG
233:or
3656::
2884:.
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2249:.
2208:.
2196:^
2124:^
2084:.
2037:,
1908:.
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1680:^
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1577:.
1565:^
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1021:,
1017:,
995:,
949:3i
776:,
673:,
669:,
658:.
334:,
330:,
326:,
322:,
315:.
307:,
303:,
299:,
295:,
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