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Guides — 14 November 2024

Detailed summary of the secondary investment market.

The secondary investment market is a dynamic and evolving component of the private equity industry. Investec's annual “Secondaries Report 2024”, based on a survey of 50 global secondary fund managers, reveals crucial trends and an optimistic outlook, despite the challenges encountered in private equity and other unlisted markets over the past twelve months.

Our private equity experts are at your disposal. Do not hesitate to contact them: Contact our secondary market expert

Secondary private equity context and resilience

The private markets went through a period of great volatility due to rising interest rates, which affected fundraising and transaction activity. Despite this difficult environment, the secondary private equity investment segment showed remarkable resilience. Indeed, secondary fund managers managed to maintain sustained activity, playing a key role in providing liquidity to investors in traditionally illiquid markets. According to Bain & Co, the value of companies held by unsold buyout managers amounts to $3.2 trillion, with over 40% of these unlisted assets held for more than four years. Despite this challenging environment, the secondary investment segment has shown remarkable resilience, with fundraising expected to increase by 91% in 2023 according to Preqin.

See our offer in secondary private equity

Growth and optimism

The survey results indicate pronounced optimism among secondary fund managers for 2024. Nearly 70% of respondents expect transaction activity to increase by between 10% and 25%, and around 90% expect their next investment funds to be larger than their current vehicles. This anticipated growth is supported by increased demand from institutional investors (LPs) and GP-led fund solutions.

Trends in GP-led transactions

GP-led transactions represent a major trend in this unlisted market. These transactions enable fund managers to transfer specific assets into new vehicles, offering existing LPs the option of liquidating their investments or continuing to participate. Some 74% of respondents expect to be more active in this type of transaction over the next 12 months. Continuation funds are a way of enhancing the value of high-quality assets, while offering flexibility and liquidity to secondary private equity investors.

Diversification of investment strategies

Secondary fund managers are increasingly diversifying their investment strategies. While private equity remains a major source of growth, other non-listed segments such as real estate, infrastructure and private debt are gaining in importance. This specialization enables managers to capitalize on adjacent segments while strengthening their sector expertise.

Attracting private investors

The wealth management market is emerging as a significant source of capital for secondary investment funds. Secondary strategies, with their shorter J-curves and natural cash flows, are well suited to products aimed at individual investors. Around 90% of secondary fund managers expect to receive more investments from private clients in their next fundraising rounds.

Alignment of interests in GP-led transactions

The alignment of interests between fund managers (GPs) and existing investors (LPs) is crucial to the success of GP-led transactions. Transfer structures that include a deferral of incentive compensation and additional commitments by GPs are the most common. Transparency in sales processes and independent price validation are essential to establish fair valuations and maintain stakeholder confidence.

Conclusion

The secondary investment market has demonstrated notable robustness in the face of market disruption, and the outlook for 2024 is very promising for this specific segment of private equity. Secondary fund managers continue to innovate by diversifying their investment strategies, broadening their fundraising bases and using sophisticated financing structures. For our customers, this unlisted asset class offers a unique opportunity to invest in dynamic segments and benefit from the increased flexibility and liquidity provided by secondary transactions. The continued growth and maturity of the secondary private equity market in France make it an attractive option for diversifying investment portfolios and optimizing returns. We encourage our clients to consider secondary investments as a key component of their long-term private equity strategy.

Guides

Private assets: fundamentals and outlook for 2025

Non-listed investments and private equity: where to put your money in 2025? This is the question on everyone's lips as the end of the year approaches. In this final 2024 edition of Unquoted under the microscope, we share with you the key points to bear in mind for investors interested in unquoted assets in 2025.

des idées pour investir dans le non coté

Guides

The key points of private equity

Private investors looking for investment opportunities, or private banking professionals, take note! Private equity is becoming increasingly attractive. Find out why you should invest in unlisted investment funds with Private Corner, an asset management company aiming to institutionalize access to private equity through a fully digitalized private equity investment platform.

Guides

Infrastructure investment: an asset class with impact.

Interested in Greenfield and/or Brownfield investing? To gain a better understanding of this asset class for financing infrastructure projects, and to suggest that your clients invest in impact funds, discover Brownfield and Greenfield infrastructure investment, via unlisted funds to support projects that are essential to the development of the French economy.