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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.

 

 

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Speak to an expert

  • Stuart Ingledew

    Stuart Ingledew

    Stuart Ingledew

    Fund Solutions

    Stuart joined Investec in 2017 and is based in London where he focuses on providing lending solutions to GPs and their funds. Stuart has experience across the origination, structuring, negotiation and execution of capital call facilities, NAV facilities, continuation vehicle facilities and GP facilities. Stuart spends the majority of his time on the origination side of the business, whilst still managing a number of existing clients. Prior to joining Fund Solutions in London, Stuart worked in Investec’s offices in Switzerland and South Africa, where he spent time in other lending roles in the bank. Stuart is both a CFA Charterholder and Chartered Accountant (registered in South Africa).

  • Sharon Thandi

    Sharon Thandi

    Sharon Thandi

    Fund Solutions

    Sharon works with US private capital fund managers to deliver tailored financing solutions across subscription facilities, GP solutions, secondaries and NAV lending. She brings deep expertise in secondaries, having co-led Investec’s Fund Solutions secondaries strategy across the UK and Europe, executing global transactions before relocating to New York.

    More recently, Sharon has focused on structuring subscription facilities, NAV facilities and continuation vehicle financings, supporting sponsors across a range of asset classes throughout the fund lifecycle and across evolving market conditions.

    Sharon has more than 13 years of experience spanning fund finance, sponsor coverage and restructuring. She joined Investec’s Fund Solutions business in London in 2022 before relocating to New York to help spearhead the growth of the US platform. Prior to Investec, she spent a decade at Lloyds Banking Group. Sharon holds a BA in Economics and Politics from the University of Manchester.

  • Stefano Manna

    Stefano Manna

    Stefano Manna

    Head of Private Capital Advisory

    Stefano leads the Private Capital 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

Stuart joined Investec in 2017 and is based in London where he focuses on providing lending solutions to GPs and their funds. Stuart has experience across the origination, structuring, negotiation and execution of capital call facilities, NAV facilities, continuation vehicle facilities and GP facilities. Stuart spends the majority of his time on the origination side of the business, whilst still managing a number of existing clients. Prior to joining Fund Solutions in London, Stuart worked in Investec’s offices in Switzerland and South Africa, where he spent time in other lending roles in the bank. Stuart is both a CFA Charterholder and Chartered Accountant (registered in South Africa).

Sharon Thandi
Sharon Thandi

Sharon Thandi

Fund Solutions

Sharon works with US private capital fund managers to deliver tailored financing solutions across subscription facilities, GP solutions, secondaries and NAV lending. She brings deep expertise in secondaries, having co-led Investec’s Fund Solutions secondaries strategy across the UK and Europe, executing global transactions before relocating to New York.

More recently, Sharon has focused on structuring subscription facilities, NAV facilities and continuation vehicle financings, supporting sponsors across a range of asset classes throughout the fund lifecycle and across evolving market conditions.

Sharon has more than 13 years of experience spanning fund finance, sponsor coverage and restructuring. She joined Investec’s Fund Solutions business in London in 2022 before relocating to New York to help spearhead the growth of the US platform. Prior to Investec, she spent a decade at Lloyds Banking Group. Sharon holds a BA in Economics and Politics from the University of Manchester.

Stefano Manna
Stefano Manna

Stefano Manna

Head of Private Capital Advisory

Stefano leads the Private Capital 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.