Secondaries Research Reports

Delving into key trends within the secondaries market.

Waves crash against steep cliffs

 

 

Each year, we canvass Secondary Managers operating in the market and publish our findings in a report that outlines the fundamental dynamics shaping the market, key considerations, and financing strategies being used. 

 

The 2023 report

The findings of the Secondaries Report for 2023 show a strong and resilient market, capable of growth in turbulent times, providing a reliable avenue for investors to access liquidity. The research has been derived from speaking to over 30 Secondary Fund Managers across the globe and insights from other market reports. Access the report via the tile below.

77%

of Secondary Managers said they expect their use of debt financing to remain the same in 2023

46%

of Secondary Managers are using debt on LP-led deals – up from 30% last year

93%

of GPs said they believe 2023 deal volumes will exceed last year’s levels – up from 79% last year
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Previous Secondaries Research reports

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Speak to an expert

  • 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

    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.

Speak to an expert

Stuart Ingledew
Sharon Thandi

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

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.

Additional insights on the secondaries market

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How Investec can help your Private Equity business

Fund solutions for general partners and fund managers

If you need to secure finance to free working capital or fund a strategic initiative, our experienced team can support you. 

Strategic funding for Secondary funds

Work with a partner that has an intrinsic understanding of your market, whether you're looking to finance the acquisition of LP positions, release capital to investors, or gain support in managing your investments. 

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