Leverage in secondaries: friend or foe?
According to figures released by Triago, in 2017, debt accounted for 23% of the total $45bn of secondaries deal value in, a massive uptick from the 4% of debt represented in 2013 deal value. Furthermore, Triago estimated that 65% of secondaries buyers used leverage in 2017, up from just 15% in 2013.
Clearly, the use of leverage in secondaries transactions is on the up.
Profile:
Categories: AnalysisFundraising & fund structuringFund docsFund finance
More from The Drawdown
18 April 2024
HNWI hurdling
The UK may have reversed its changes to the HNWI regime but the conversation seems far from over
18 April 2024
Apex acquires South African ManCo
Acquisition of IP Management Company is continuation of growing Apex’s ManCo offering
16 April 2024
Ark launches automated fund accounting solution
The cloud-based technology supports fund administrators and GPs with fund operations and investor relations
16 April 2024
NLC appoints non-exec director and CTO
Investec co-founder Bernard Kantor and ex-Meta Kresimir Slugan join the independent non-bank lender, respectively
16 April 2024
WTW launches PE LTAF
Insurance company’s DC pension schemes trust among allocators; initial commitments before launch sit at £450m
15 April 2024
EFRAG approves double-materiality guidelines
ESRS FAQ has been updated to explain when mitigating actions are considered, among other updates