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09 Jul 2024

Secondaries Report 2024

Based on a survey of 50 global secondaries managers, this annual report consolidates their views on fundraising, transaction activity, and deal financing and extracts insights into how the market is evolving. Complete the form below to download your copy of the full report.

 

Report highlights

Despite challenging conditions in private equity, the secondaries market has performed exceptionally well, and experts see this momentum continuing. Fundraising almost doubled in 2023, and the vast majority of those we surveyed believe their next funds will be larger than the last. High-net-worth individuals are seen as a previously untapped driver of this growth. Deal activity is also increasing, particularly in the rapidly evolving GP-led space. In response, a wide range of highly bespoke deal and financing structures are emerging.

68%

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

75%

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

90%

of managers expect more investment from HNWIs.

98%

expect their next funds to be larger than predecessors.

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Investec Secondaries Report 2024

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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

    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.

  • 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
Sharon Thandi
Stefano Manna
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.
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.

Private equity insights and expertise

How Investec can help your 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. 

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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