SPACs are here to stay but they won't replace PE funds

The rise of the Special Purpose Acquisition Vehicle, or SPAC, is a bona fide phenomenon. While they are by no means new, in 2020 at least 206 of these blank-cheque vehicles raised a record $70bn in proceeds in the US alone, a five-fold annual increase. This meteoric ascent, with PE firms such as Apollo Global getting in on the action, begs the...

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Jennifer Choi, MD at ILPA, discusses trends & changing needs for LPs

Most of you will probably be familiar with the Institutional Limited Partners Association - or more commonly referred to, ILPA, the global, non-profit, member-driven organization whose mission is to advance the interests of over 550 member institutional investors from more than 50 countries representing over 2 trillion dollars into Private...

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The GP-led global rush bodes well for the digital LP-stake market

It is no secret that in 2020 the private equity secondary market was dominated by GP-led fund restructurings. Estimates suggest  that these transactions approximately doubled their share of secondary trades last year, from around one-third to potentially as much as half to two-thirds of the overall market. Only a few years ago, these deals...

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2020 Year End Secondary Pricing Report

Palico’s latest survey of limited partners who purchased stakes in closed funds over the last six months generated pricing for 35 funds. This selection of funds showed an average valuation of 101 percent of net asset value (NAV). Measured in terms of median, typical pricing has held steady since last year at 101 percent of NAV. However, this...

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