Comment: Secondaries legal issues and risks
- Jonathan Blake, Stephen Newby and Shantanu Naravane at Herbert Smith Freehills consider investor liquidity in private funds, GP-led secondaries, principal legal issues and key risks.
The Covid-19 pandemic has brought the private fund secondaries market to a grinding halt, while buyers and sellers wait for the dust to settle in order to assess the true impact on valuations. However, the amount of dry powder available and success stories from secondaries market transactions during the GFC and its immediate aftermath have led market participants to expect an uptick in activity over the coming months.
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