Main Conference Day One
What is driving a "new normal" in secondary pricing and execution? Exploring the strategic responses to mounting liquidity pressures, the impact of recent trade policy shifts, and the long-term implications of the massive secondary dry powder overhang. Exploring asset class bifurcation, capital specialisation and geopolitical risks and their effect on the market.
Discussing the evolving challenges of maintaining target allocations in a volatile macro environment. How are institutions utilizing LP-led sales to "clean up" manager relationships and how are they navigating the increasingly complex governance and valuation hurdles of the booming GP-led continuation vehicle market?
Analyzing the impact of new market entrants raising dedicated GP-led capital and the rise of "retail-adjacent" evergreen vehicles. Reviewing the evolving governance landscape, including the latest on cross-trading between successor flagship funds and CVs, and the mounting LP pressure for transparency and fee alignment. How are multiple iterations of CVs reshaping fund structures and what do these "sequel" vehicles mean for LPs?
- Michael Bego - Managing Partner and Founder, Kline Hill Partners
- Michael Friedberg - Principal, Leonard Green & Partners, L.P.
Exploring mispriced opportunities where traditional exits have stalled. Comparing proactive, proprietary deal-flow against reactive auction participation. Navigating minority recaps and creative change-of-control dynamics as alternatives to full buyouts. Exploring secondary direct investing beyond the unicorns.
How are GPs and LPs responding to hold periods proving longer than expected and not every investment performing as anticipated? Sharing LP perspectives on expectations vs. reality. Analyzing impact on overall secondaries allocation strategy.
How can GPs and LPs best leverage AI to compress transaction timelines and sharpen valuation accuracy? Exploring how machine learning and generative AI are revolutionizing everything from high-velocity due diligence to the management of multi-asset continuation vehicles. AI as a tool in optimizing portfolio monitoring and enhancing valuation models.
Debating whether evergreen funds represent the permanent evolution of private equity liquidity or a ticking regulatory time bomb.
- Jay Patel - Co-head of Secondaries, Albourne Partners
To register, please contact Svetlana.fathers@informa.com
Addressing the structural tailwinds in North America and how this is forcing a record surge in GP-led continuation vehicles. Learning about why European LPs are leading the charge in proactive portfolio rebalancing and how "lower entry valuations" make European secondaries a compelling diversification play. The Asian liquidity catch-up: exploring the massive supply-demand imbalance in Asia creating unique opportunities for secondary "buy-in". Comparing the impact of US outbound investment restrictions on Chinese tech with the "lagged impact" of trade tariffs on mid-market US and European assets.
- Rocío Heres - Partner, AltamarCAM Partners
Evaluating a manager’s "GP-led" expertise, conflict management protocols, and their ability to price the "mid-market" vs. "trophy" assets. Navigating the tension between the safety of traditional LP-led portfolios and the high-conviction (but risky) allure of single-asset continuation vehicles. Addressing the pushback on GP "rolling" requirements, fee-on-fee concerns, and the demand for enhanced transparency in valuation reporting. Forecasting 2027: peer-to-peer predictions on where the next pocket of illiquidity will emerge and which secondary strategies will remain resilient if the IPO window remains narrow.
LP-only discussion group run under the Chatham House Rule and open to 30 pre-registered LPs from the following organizations: banks, corporate investors, development finance institutions, endowments, foundations, insurance companies, investment consultants, pension funds, RIAs, single family offices, sovereign wealth funds and wealth managers subject to qualification.
To register, please contact Momina Nehmat at Momina.Nehmat@informa.com
Sharing best practices for communicating the risk-return profile of continuation vehicles to LPs who are wary of "zombie funds" or excessive concentration. Assessing the rise of semi-liquid vehicles and SMAs as essential tools for tapping into wealth management and insurance capital. A candid look at the latest trends in management fees, tiered carry structures, and the rising "GP Commit" expectations required to prove alignment.
Sharing best practices for RIAs utilizing secondaries to provide retail clients with diversified, "day-one" exposure to mature buyout and credit portfolios. Navigating the 2026 rollout of 401(k) "process-based safe harbors". Addressing the operational complexities while maintaining the high-touch transparency required by today's sophisticated wealth platforms. A spotlight on open-ended structures and semi-liquid vehicles as the "essential bridge" for wealth managers.
What has been driving the increase in LP-led secondaries transactions? Are we seeing a structural evolution where LPs now view secondaries as a permanent tool for active portfolio rebalancing? Pro-tips on navigating the 'higher-for-longer' interest rate environment. With forecasts suggesting further surge in total secondary volumes, where will the necessary buyer capital come from?
- Ethan Levine - Head of secondaries, co-head of real assets and sustainability, CF Private Equity
Exploring the unique role of emerging managers as "alpha generators" who provide liquidity to the lower-mid market and complex "non-trophy" assets that larger funds often overlook. What are some of the key structural challenges of launching a secondary platform in 2026, from navigating an average fundraising cycle to meeting heightened LP demands?
- Cari Lodge - Founder and Managing Partner, Aqualis Partners