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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

Read the latest report

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  • 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.

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.