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- provide an exhaustive presentation of alternative investment funds (hereinafter referred to as "AIFs") managed by Private Corner;
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Numerous restrictions and eligibility conditions, regulatory or statutory, not described or only briefly mentioned on this site, govern the subscription or acquisition of shares or units in these AIFs, their presentation and distribution methods by intermediaries (depending in particular on the investor's place of residence), eligibility conditions related to the investor (based in particular on their financial knowledge, financial resources, regulated or non-regulated status, variable categorization from one country to another), or the minimum investment amount required by the AIF's documentation.
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Videos — 10 June 2025

Secondary private equity: analysis by Estelle Dolla on SmartBourse

SMART BOURSE - MARCHÉS À THÈME(S) : Estelle Dolla (Private Corner)

Estelle Dolla recently participated in SmartBourse to share insights on private markets, with a particular focus on the secondary private equity segment, a domain still relatively confidential yet becoming increasingly essential as the sector matures.

Private Corner is an independent asset management company providing private banking professionals with investment solutions in private assets on behalf of their individual clients. To find out more about our comprehensive range of investment funds (private equity, co-investment, private debt and infrastructure), please contact us.

I'd like to know more

On Tuesday, May 20, 2025, SMART BOURSE had the privilege of hosting Estelle Dolla, CEO of Private Corner, to analyze in depth the dynamics of the secondary private equity market.

🎥 To access the comprehensive interview dedicated to secondary private equity, please follow the provided link.

Defining the secondary private equity market

Emerging in the late 1990s, the secondary private equity market has evolved into a mature and integral component of private asset allocation. This market enables investors to acquire stakes in existing private equity assets, frequently at discounted valuations, offering a more pragmatic and transparent gateway into this asset class. These secondary investments typically present robust diversification attributes and appealing risk-return characteristics, supported by:

Enhanced portfolio transparency, due to pre-existing and seasoned assets,
Acquisition discounts,
A moderated J-curve effect,
Shortened investment horizons coupled with accelerated capital recycling.

The surge in interest for secondary markets

Recent growth in the secondary market can notably be attributed to the proliferation of continuation funds. These vehicles address liquidity constraints by enabling fund managers to prolong holding periods for assets exhibiting ongoing growth potential, despite the impending expiration of the originating fund. Continuation funds thereby reconcile the mismatch between the lifecycle of private equity funds and the value realization timeline of their underlying assets.

Distinguishing secondary transaction types: LP-led and GP-led

LP-led (Limited Partner-led) transactions: Initiated by investors seeking premature exits from long-term commitments—typically ten-year terms—by transferring stakes to secondary buyers, generally at a discount.
GP-led (General Partner-led) transactions: Initiated by fund managers to maintain ownership of promising assets, allowing current investors the flexibility to exit or reinvest via newly structured continuation vehicles. These transactions aim to realign and optimize stakeholder interests for continued value creation.

A structural response to market evolution

The secondary market has transitioned from an interim solution to an enduring structural feature within private equity. Both GP-led and LP-led transactions systematically address strategic and regulatory challenges, opening avenues for new investment strategies. This evolution has prompted both specialized and primary-market-focused platforms to develop extensive capabilities dedicated explicitly to secondary investments.

Identifying Opportunities – Private Corner’s Approach

Private Corner adopts a core-satellite methodology in the selection of General Partners (GPs), enabling customized investment allocations reflecting specific investor profiles by balancing diversification, return expectations, and risk management. The firm highlights several critical opportunities:

Selection of high-caliber portfolios,
Access to appropriately valued assets,
Allocation of capital to seasoned management teams.

A discerning evaluation of discounts is crucial, as not all discounted assets necessarily represent sound investments.

The critical role of GP selection

As exemplified by the recent portfolio restructuring conducted by the Peugeot family, excessive diversification can erode performance. Effective secondary market investing hinges on meticulous selection of high-performing, strategically aligned GPs. Given the significant dispersion in performance across this heterogeneous market, collaboration with seasoned wealth advisors remains indispensable for constructing optimal allocations.

Evolutionary dynamics of the secondary market

The secondary private equity market is experiencing remarkable expansion. In 2024, transaction volumes reached $260 billion, marking a 45% increase relative to 2023. While this impressive growth reflects structural market demand, it simultaneously necessitates a disciplined approach to avoid succumbing to transient market enthusiasm.

Vision and strategy of private corner

Private Corner has strategically positioned secondaries as a core component of its investment framework, aiming to offer distribution partners modular, resilient, and tailored investment solutions aligned with specific investor profiles. The secondary market aligns naturally with a long-term wealth creation strategy, emphasizing the quality of GPs and asset relevance.

Disclaimer

Private Corner is an asset management firm authorized by the Autorité des Marchés Financiers (AMF) on November 5, 2020 (license number GP-20000038).

Investment in Alternative Investment Funds (AIFs) entails inherent risks, notably capital loss and liquidity constraints. Investments typically involve a minimum lock-up period of ten years.

These financial products are exclusively reserved for professional and sophisticated investors. Past performance does not guarantee future results, nor can fulfillment of investment objectives be assured. All information provided reflects the views and analyses of Private Corner.

place du private equity chez les conseillers financiers et leurs clients

Videos

Video of the back-to-school conference on the place of unlisted assets among financial advisors and private investors

For the second edition of the annual Private Corner Conference, dedicated to the place of unlisted investment in the assets of private clients, we will discuss the evolution of private assets and the main challenges to be overcome in order to integrate this asset class more effectively into private wealth management. Speakers include Erwan Pogam, Head of Solutions for Private Management at Ardian, Fabienne Konik, Partner at EY Wealth & Asset Management, and Maxime Van Oud, Partner Relations Director at Private Corner.

Videos

New Corporate Film on our ambition to institutionalise access to Private Equity

This new corporate film embodies the vision of Private Corner, an asset management company whose ambition is to institutionalise access to private equity and other unlisted asset solutions using a fully digitised investment platform: every link in the chain counts in creating value. Investors, financial advisers, asset managers and entrepreneurs all play an essential role in building, with Private Corner, a solid and sustainable ecosystem in the world of private assets.

Videos

The proportion of private assets will continue to rise in 2025: analysis by Maxime Vanneaux

Read this analysis of unlisted investment in 2025 by Maxime Vanneaux, Director of Partner Relations at Private Corner, on the Club Patrimoine studio programme.