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The private equity secondaries market has evolved over the past two decades from a niche solution into a bona fide asset class. What was once largely reserved for distressed sellers is now a sophisticated, and in our view, essential component of portfolio management for investors and private equity (PE) sponsors alike.
So, what is behind the current explosion of secondaries activity? In this paper, Nick Lawler examines secondaries’ performance over multiple market cycles, their persistent structural advantages, three common misconceptions, and why current market conditions present a particularly compelling entry point.
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