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Crashing Waves

19 Jul 2023

Secondaries Report 2023

How have rising interest rates impacted the secondaries market in 2023? What key trends do secondary fund managers expect to see in the near future? Investec’s 2023 Secondaries Report, which canvasses views from more than 30 secondary fund managers, answers both these questions in this report.

   

Introduction

The report focuses on how financing solutions are being used against a rising rate environment, whether at the secondary funds or at deal level; exploring trends and structures within the market. Whilst liquidity constraints remain prevalent and the supply and demand imbalance continues within the fund financing market, the report highlights the need for solution-orientated lenders with a proactive approach in providing tailored and flexible facilities to meet the evolving needs of the industry, to support the future growth of secondaries.

Download the 2023 Secondaries report PDF 5.97 MB

Looking forward

While private equity secondaries are not immune to disruption, the market continues on its long-term growth trajectory.

Financing within secondaries is rising to the challenge of high-interest rates – and appears to be holding strong. Until now, in an ultra-low-rate environment, growing demand for debt was almost a given. However, 2023 survey results prove it has an enduring appeal for GPs across the cycle.

Sailing boat in the middle of the ocean

Secondaries Report 2024

A look at how the secondaries market is maturing and providing an alternative route to liquidity. Download your copy of the 2024 report now.

Secondaries report 2024

4 min read

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  • 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

    Based in New York, I am part of the Fund Solutions business, focusing on origination and relationship management for US clients. My focus is on delivering tailored debt solutions for funds and managers across various private market asset classes, including fund-level products such as subscription facilities, private equity secondaries financing, and bespoke General Partner solutions.

    With over 10 years of banking experience, I joined Investec in 2022 after working at Lloyds Bank, where I held roles in their Fund Financing, Sponsor Coverage, and Restructuring businesses. I graduated from the University of Manchester with a BA in Economics and Politics.

Speak to an expert

Stuart Ingledew
Sharon Thandi
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

Based in New York, I am part of the Fund Solutions business, focusing on origination and relationship management for US clients. My focus is on delivering tailored debt solutions for funds and managers across various private market asset classes, including fund-level products such as subscription facilities, private equity secondaries financing, and bespoke General Partner solutions.

With over 10 years of banking experience, I joined Investec in 2022 after working at Lloyds Bank, where I held roles in their Fund Financing, Sponsor Coverage, and Restructuring businesses. I graduated from the University of Manchester with a BA in Economics and Politics.

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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. 

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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