Main Conference Day Two
An information discussion on how LPs are retooling their investment committees to approve rapid-fire secondary deals and the rise of "dedicated secondary pockets" within broader private equity allocations.
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
Investigating the rise of assets being rolled from one continuation vehicle into another and what this means for asset duration and LP liquidity profiles. Addressing the conflict-of-interest challenges inherent in "selling an asset to yourself" and the role of independent fairness opinions in setting market-clearing prices. Navigating the "burden of choice" for institutional investors who face compressed diligence timelines and complex sell-or-roll requests across hundreds of partnerships.
Analyzing the rapid growth of private credit secondaries as LPs seek resilience and yield in a volatile macro environment. Identifying and navigating key differences in secondary credit vs. equity. Exploring how credit CVs are becoming a vital tool for GPs and how LPs are utilizing the secondary market to rebalance their fixed-income allocations.
- Ed Goldstein - Partner, CIO, Coller Credit Secondaries, Coller Capital
Are buyers and sellers finally agreeing on what these companies are worth, or is there still a huge gap between 2021 dreams and today’s reality? Exploring how managers are creating new "continuation" funds to keep their best startups through the long haul while still giving early backers a way to cash out. Discussing the rise of tech-focused secondary funds and the appeal of direct venture secondaries.
Mapping the rise of real estate continuation vehicles as a strategic way for managers to scale mature portfolios and manage investor needs. How are buyers and sellers navigating the valuation gap? Sharing strategies for managing "tail-end" real estate funds where only a few assets remain, but the management overhead persists.
Discussing how the "AI arms race" is shortening the typical infrastructure hold period and forcing a re-evaluation of data centre asset lifecycles. Do data centres require a dedicated secondary playbook compared to traditional core infrastructure like roads or utilities? Identifying the early warning signs of "winners and losers" in power-constrained markets and how this impacts secondary valuations.
Why is the medium and smaller end of the market currently seeing a surge in activity as LPs and GPs seek targeted liquidity for non-core assets? How does mid-market avoid “bidding wars” of the mega-cap world? Sharing strategic approaches to "Zombie GPs". Analyzing the rise of new, specialist secondary managers and the role they play in institutionalizing the "small-cap" secondary ecosystem.
- Thomas Hallinger - Managing Director, Golding Capital Partners
Are we finally past the "valuation gap"? Discussing how the recent wave of market corrections has reset expectations for both LPs and GPs. Why are some mid-market assets trading near par while others face double-digit discounts, and how do we spot the difference? Ensuring a "fair" price when a GP is selling an asset to themselves in a CV. Factoring in interest rates, inflation, and the "exit drought" when calculating the future value of a 10-year-old fund.
- Jerry Newman - President & Founder, Willowridge Partners
Summarizing the latest trends responsible for the evolution of North American secondaries market and offering a glimpse into the future. Taking a closer look at the scale shift, new diversification frontiers, LP-led proactivity, GP-led maturation and AI and tech reset.