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Secondaries Research Reports

Our annual reports on trends, considerations, and financial strategies within the secondaries market.

Sailing boat in the middle of the ocean

 

 

Every year, Investec publishes a report on the secondaries market, providing our unique insight into the dynamics shaping this fast-changing part of the private equity industry. 

 

2024 insights

In a period of deep dislocation in the private equity market, the secondaries market is bucking the trend, with growth in funding and deal activity. The survey highlights the growing sophistication of the secondaries market, driven by diversifying pools of capital to unlock future fundraising, and an upward curve in GP-led deal flow.

68%

see deal activity increasing in 2024 by 10-25%.

98%

believe their next funds will be larger than current vehicles.

75%

say they will be more active in GP-led deals in the next 12 months.

 

 

Speak to an expert

  • Stuart Ingledew

    Stuart Ingledew

    Stuart Ingledew

    Fund Solutions

    Working in the UK Fund Solutions team, I provide a range of flexible financing solutions to private equity funds and fund management teams. I work with a range of primary, secondary and fund of funds based throughout the UK and Europe to provide GP facilities, capital call facilities, concentrated NAV facilities and secondary leverage. My aim is to help clients improve returns, optimise balance sheets, create liquidity and facilitate opportunistic transactions.

    Additionally, I am working on the concentrated NAV financing strategy, which will enable third party investors the opportunity to gain exposure to the concentrated NAV financing product.

  • Sharon Thandi

    Sharon Thandi

    Sharon Thandi

    Fund Solutions

    I focus on origination within the Fund Solutions business and the Private Equity Secondaries strategy, supporting clients with their financing needs across various products such as capital call facilities, GP facilities, NAV-based lending and bespoke debt financing structures. I work with a range of clients across the private markets asset classes across Europe and the US.

    I have over 10 years of banking experience and prior to joining Investec in 2022, worked at Lloyds Bank undertaking roles in their Fund Financing, Sponsor Coverage and Restructuring businesses. I graduated from the University of Manchester having studied BA Economics and Politics.

  • Stefano Manna

    Stefano Manna

    Stefano Manna

    Head of GP Advisory

    Stefano leads the GP Advisory team at Investec and provides strategic advice to financial sponsors, offering a comprehensive range of private capital raising and liquidity solutions.

    Stefano has over 12 years of experience in the private equity industry. Before joining Investec, he was a Director in the GP Advisory group at Eaton Partners, where he was responsible for the sourcing, structuring, and execution of the secondary transaction mandates in the EMEA region. Previously, Stefano was at Cebile Capital (now part of Raymond James) and Greenhill, specialising in private market secondary advisory. Before that, Stefano was on the buy side at Advanced Capital SGR, a leading alternative asset and fund-of-funds manager, now part of Capital Dynamics. Stefano also has M&A experience from previous experiences at PFH and Rabobank.

Speak to an expert

Stuart Ingledew
Stuart Ingledew

Stuart Ingledew

Fund Solutions

Working in the UK Fund Solutions team, I provide a range of flexible financing solutions to private equity funds and fund management teams. I work with a range of primary, secondary and fund of funds based throughout the UK and Europe to provide GP facilities, capital call facilities, concentrated NAV facilities and secondary leverage. My aim is to help clients improve returns, optimise balance sheets, create liquidity and facilitate opportunistic transactions.

Additionally, I am working on the concentrated NAV financing strategy, which will enable third party investors the opportunity to gain exposure to the concentrated NAV financing product.

Sharon Thandi
Sharon Thandi

Sharon Thandi

Fund Solutions

I focus on origination within the Fund Solutions business and the Private Equity Secondaries strategy, supporting clients with their financing needs across various products such as capital call facilities, GP facilities, NAV-based lending and bespoke debt financing structures. I work with a range of clients across the private markets asset classes across Europe and the US.

I have over 10 years of banking experience and prior to joining Investec in 2022, worked at Lloyds Bank undertaking roles in their Fund Financing, Sponsor Coverage and Restructuring businesses. I graduated from the University of Manchester having studied BA Economics and Politics.

Stefano Manna
Stefano Manna

Stefano Manna

Head of GP Advisory

Stefano leads the GP Advisory team at Investec and provides strategic advice to financial sponsors, offering a comprehensive range of private capital raising and liquidity solutions.

Stefano has over 12 years of experience in the private equity industry. Before joining Investec, he was a Director in the GP Advisory group at Eaton Partners, where he was responsible for the sourcing, structuring, and execution of the secondary transaction mandates in the EMEA region. Previously, Stefano was at Cebile Capital (now part of Raymond James) and Greenhill, specialising in private market secondary advisory. Before that, Stefano was on the buy side at Advanced Capital SGR, a leading alternative asset and fund-of-funds manager, now part of Capital Dynamics. Stefano also has M&A experience from previous experiences at PFH and Rabobank.