Excellent research on the secondary market from Phil Huber, CFA, CFP®. Appreciate including Pinegrove Capital Partners specialized and scalable liquidity solutions for GPs and LPs in the VC/growth ecosystem.
Managing Director & Head of Portfolio Solutions at Cliffwater | Author of The Allocator's Edge
One of the (many) things that excited me about my new role at Cliffwater was the opportunity to complement our team's alternative investment research efforts with my own contributions, offering a unique lens that leans into my experience as a wealth management practitioner and allocator. To that end, I am delighted to share my first publication since joining the firm in January: Private Equity's Second(ary) Act This paper explores two distinct yet related trends that have emerged as private equity has matured: the rise of the secondary market, and the emergence of innovative evergreen structures designed for individual investors to access the growing segment. These are important and timely topics as semi-liquid, perpetual funds continue to grow in popularity within RIA-guided portfolios. Our hope is that readers come away with a better understanding of: - The evolution of the secondary markets - The portfolio benefits of secondaries - The appeal of specialist secondary managers, and - The necessary (but insufficient) role secondaries play in evergreen private capital funds. #alternativeinvestments #privateequity #privatemarkets #secondaries #intervalfunds
