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The Journal of Private Equity

The Journal of Private Equity

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Article

From the Ashes Risen: Private Equity Secondary Funds Take Flight

Scott D Peterman and Doris Lai
The Journal of Private Equity Fall 2009, 12 (4) 29-34; DOI: https://doi.org/10.3905/JPE.2009.12.4.029
Scott D Peterman
is a partner at Sidley Austin LLP in Hong Kong.
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  • For correspondence: speterman@sidley.com
Doris Lai
is a counsel at Sidley Austin LLP in Singapore.
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  • For correspondence: dlai@sidley.com
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Abstract

In the midst of the global financial downturn, one area of private equity is growing. The private equity secondary market—i.e., buying and selling existing private investor commitments in private equity and other alternative funds—has been estimated to have grown from about U.S.$4.4 billion in 1997, to about U.S.$63 billion in 2007. The secondary market landscape has evolved significantly in the past two decades. Today, the secondary markets are increasingly viewed as a portfolio optimizing/management tool: sellers view it as a source of liquidity and exit (to an otherwise illiquid investment); and buyers see it as an opportunity to access selective funds or diversify portfolios—often at discounted prices, with a partially identified portfolio well into the investment process, and thus leading to quicker returns. This article discusses reasons for the rapid rise of this market, and salient issues to consider when buying/selling interests in the secondary markets.

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The Journal of Private Equity: 12 (4)
The Journal of Private Equity
Vol. 12, Issue 4
Fall 2009
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From the Ashes Risen: Private Equity Secondary Funds Take Flight
Scott D Peterman, Doris Lai
The Journal of Private Equity Aug 2009, 12 (4) 29-34; DOI: 10.3905/JPE.2009.12.4.029

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From the Ashes Risen: Private Equity Secondary Funds Take Flight
Scott D Peterman, Doris Lai
The Journal of Private Equity Aug 2009, 12 (4) 29-34; DOI: 10.3905/JPE.2009.12.4.029
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    • WHY SELL IN THE SECONDARY MARKET?
    • WHY BUY IN THE SECONDARY MARKET?
    • KEY POINTS TO CONSIDER
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