Fund Secondary Transactions Advanced

What is it?

The second of a two-part series which builds on our secondaries foundation training, providing in-depth discussions and analysis of key issues.

As a follow up to our Foundation Course on Fund Secondary Transactions where we explain the process and legal documentation of a secondary transaction, the Fund Secondary Transactions Advanced Course takes interested participants to the next level, looking at in-depth pricing and valuation, pref. equity and NAV financing, and GP financing tools. The case studies on the negotiation of an SPA and GP-led transactions provide a great opportunity to discuss trends & burning issues on these key topics.

Why should you attend?

Secondary transactions in private equity is a relatively new sub-area of the asset class which developed within a few years from obscurity to a USD 40 billion sub-asset class, indicating the maturity of private equity and addressing its main structural problem: illiquidity. Knowing one’s options to sell or buy on the secondary market is a valuable asset to buyers and sellers alike and broadens the GPs’ scope of liquidity solutions.

Who should attend?

• Secondary buyers, including secondary fund-of-funds, primary fund-of-funds and other institutional investors who are taking an opportunistic approach (i.e. buy secondary interests when the opportunity arises, e.g. buying fund interests in a fund in which they are already invested if some of the other investors want to sell).

• Secondary sellers, including everyone who is invested in private equity funds and may decide to sell fund interests as a matter of portfolio reallocation.

• Fund managers as they have to manage the transfer process, have to learn to defend their brand and build a new relationship with potential new investors. Increasingly, fund managers actively turn to secondaries to use fund restructurings, staples and other GP-led transactions as a tool to provide liquidity solutions for tail-end portfolios and build momentum for the next fundraising.

• Advisors and other professional service providers (including administrators, financial advisors and placement agents, lawyers etc.), who are involved in secondary transactions.

Course prerequisite

If fund secondary transactions are new to you, we recommend that you first follow our Fund Secondary Transactions Foundation course which provides a detailed overview of the secondary transaction process and legal documentation, looking at the subject from the buyer, seller and general partner points of view.