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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.

Download the 2024 Secondaries report PDF 4.6 MB

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.