News & Analysis as of

Private Equity Liquidity

Farrell Fritz, P.C.

Private Equity’s Plan B: Navigating the Exit Drought with Continuation Funds

Farrell Fritz, P.C. on

In a typical bull market, private equity sponsors exit out of portfolio assets through IPOs, strategic sales and sponsor-to-sponsor buyouts. But the 2025 deal market has proven to be neither typical nor robust....more

Herbert Smith Freehills Kramer

Asia Private Capital: Second-Quarter Data and Trends

Two quarters in, Asia's private capital market appears as uncertain as ever. Last year, we repeatedly heard two mantras. First, Asia's private capital market would grow at substantial rates and, second, that GP...more

Pillsbury - Propel

Founder Secondary Sales: A Primer

Pillsbury - Propel on

Increasingly, founders desire liquidity with respect to a portion of their equity stake before the company goes public or completes a complete exit event (like an M&A sale). Liquidity is desired for many reasons, including...more

Troutman Pepper Locke

FUNDamentals — June 2025

Troutman Pepper Locke on

FUNDamentals is a periodic digest of news and information specifically for private funds and their managers. In this issue, we highlight some fundraising trends, new marketing rule FAQs, fund liquidity trends (limited...more

White & Case LLP

Margin loans come to private markets

White & Case LLP on

At a time when sponsors are holding onto assets longer than expected, margin loans in private markets are providing a valuable channel of liquidity- Drawn out hold periods and low exit volumes have put liquidity at a...more

Bennett Jones LLP

Private Equity Secondaries: Adapting to Illiquidity and Risk

Bennett Jones LLP on

Global private secondary market transaction volume hit an all-time high of US$160 billion in financial year (FY)-2024, which is up 41 percent from 2023 and has surpassed projections. Private market secondaries have been...more

Hogan Lovells

Unlocking Liquidity: How secondary sales support pension schemes in insurance buy-in/buy-outs

Hogan Lovells on

The market for insured risk transfer solutions for UK defined benefit pension schemes has continued to grow in recent years, as increased competition among insurers and improved funding positions has enabled more and more...more

Cadwalader, Wickersham & Taft LLP

Is Cash King? April 2025 - Yale Eyes Secondaries Sale: Who’s Next?

Right after Patrick Calves wrote about “continued momentum in the secondaries market, supported by both cyclical and structural tailwinds” in last week’s FFF, Yale University’s plans to sell up to $6 billion is dominating...more

Seward & Kissel LLP

Operating Business Development Companies: A Brief Overview

Seward & Kissel LLP on

Business development companies (“BDCs”) were created by Congress in 1980 to serve as closed-end, venture capital funds for retail investors by financing small to mid-sized U.S. private companies. Since about 2004, BDC...more

Cadwalader, Wickersham & Taft LLP

Secondaries Shift, April 2025 - Secondaries Outlook: A Market All Grown Up

We are now more than a full quarter into 2025, and it has been a very busy start to the year for the CWT fund finance practice, thanks in part to a busy quarter for secondaries fund finance deals. This is on the back of an...more

King & Spalding

The Evolving Face of Finance: Private Credit’s Role in the Middle East – Market Recap and 2025 Outlook

King & Spalding on

The Gulf Cooperation Council region (the GCC) is becoming an ever-more important destination for the global private credit market. In this client briefing we explore the region’s rising prominence as a key destination for...more

Latham & Watkins LLP

Latham Texas Private Funds Breakfast Series Introduction to Continuation Fund Transactions

Latham & Watkins LLP on

This winter, Latham’s Investment Funds Practice delivered an in-depth exploration of continuation fund transactions, offering strategic insights and practical guidance in the latest installment of the Texas Private Funds...more

White & Case LLP

Eyes on the exit: Selling PE portfolio companies in complex markets

White & Case LLP on

Sluggish M&A and IPO markets have put the brakes on private equity exit activity across Europe, but as pressure builds to clear the backlog of unsold portfolio companies, firms are taking innovative approaches to selling...more

Ropes & Gray LLP

U.S. Private Equity Market Recap - March 2025

Ropes & Gray LLP on

Read our latest insights into the U.S. private equity market. We cover monthly deal activity and size, fundraising, exits, leveraged loans, and a look ahead. U.S. PE dealmaking had a slower start in 2025. YTD deal numbers...more

Mayer Brown

Private Credit Portfolio Back Leverage

Mayer Brown on

AT A GLANCE - The rise of the direct lending market has led to a dramatic rise in supporting liquidity strategies to optimize the market.  These strategies include the use of financings to provide market participants with...more

Ankura

Building Blocks That Matter

Ankura on

Finance Transition for Middle Market and First-Time Sponsor-Backed Companies - Our Ankura Office of the CFO® professionals have worked inside finance functions of private equity (PE) and private credit-backed portfolio...more

Skadden, Arps, Slate, Meagher & Flom LLP

PRA 2025 Supervisory Priorities: International Banks and UK Deposit Takers

On 21 January 2025, the UK’s Prudential Regulation Authority (PRA) published two supervisory letters outlining 2025 priorities for international banks and UK deposit takers, respectively. In this note, we look at some of the...more

Goodwin

What Is the Typical Life Cycle of a Closed-End Fund?

Goodwin on

Investors in closed-end funds make a commitment for the duration of a fund’s life cycle — known as the fund’s term — with liquidity available only through sale of assets, secondary transactions, or fund liquidation. Investors...more

Goodwin

Stretching and Flexing - Part 1 Addressing Longer Hold Periods

Goodwin on

Patience is proving to be a virtue for a private equity industry that began 2024 sitting on more than 28,000 portfolio companies valued at more than $3 trillion, according to a report by Bain & Company, as average hold...more

Seward & Kissel LLP

Private Equity Investment into NFL Teams: Tax and Business Considerations

Seward & Kissel LLP on

Owning an NFL team is no longer a fantasy. The National Football League (the “NFL” or the “League”) voted to allow minority stakes to be sold to private equity firms (“PE”). However, according to NFL.com, “an executive from...more

Whiteford

To Roll or Not to Roll: Equity Roll Issues in Private Company M&A Deals

Whiteford on

This article is the first in a series on common issues of critical importance to sellers in private company M&A- An equity roll is an agreement between a Buyer and a Seller in an M&A deal where the Seller (typically a...more

Goodwin

The King’s Speech: Reinforcing The Retailisation of Private Funds

Goodwin on

The Pension Schemes Bill announced in the King’s Speech on 17 July builds on the UK Government’s drive to encourage defined contribution (DC) pension investment in long-term illiquid investments such as private equity,...more

Skadden, Arps, Slate, Meagher & Flom LLP

Challenging Exit and Debt Conditions Prompt Financial Sponsors To Adopt Workarounds

The challenges facing financial sponsors in the past couple of years have been widely discussed. Their funds have amassed over $1 trillion in dry powder that they are competing to deploy in a weak exit market....more

Robins Kaplan LLP

Q&A With Anne Paape, Managing Director and Senior Fiduciary Counsel at Cresset

Robins Kaplan LLP on

The Spotlight had the pleasure of sitting down with Anne Paape, managing director and senior fiduciary counsel at Cresset and Cresset Trust Company, to talk about the historic transfer of wealth many countries are undergoing,...more

Bradley Arant Boult Cummings LLP

Cashing In, But Without Fully Cashing Out: Liquidity Options for Private Company Majority Owners

Business owners of private companies invest huge amounts of time and resources in their business, which may include the bulk of their financial capital. For owners who do not want most of their net worth to remain tied up in...more

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