The GP‑led secondary transactions market has grown exponentially over the last decade and continues to snowball, with deal volume almost doubling in 2021. The market has continued expanding in 2022 against the backdrop of recent SEC rule proposals addressing GP‑led transactions and other emerging trends in the space. Those and other developments were addressed in a webinar recently hosted by Goodwin Procter and PwC that featured PwC Luxembourg partner Valérie Tixier; Goodwin Procter partner Alexandrine Armstrong‑Cerfontaine; Coller Capital principal Martin Fleischer; and Stuart Cullen, head of investment structuring at Pantheon Ventures. This first article in a two-part series examines the current landscape of the GP‑led secondaries market; the drivers pushing its growth and development; regulatory issues (e.g.
, the impact of the SEC rule proposals); and ways secondary buyers evaluate GP‑led secondaries. The second article
will consider complicating factors when determining the fair value of a GP‑led transaction, issues related to conflicts of interest and the importance of GP-LP alignment. See our two-part series examining the sponsor-led secondary market: “Themes, Issues and Solutions
” (Oct. 8, 2019); and “Keys to Success, Process and Compliance
” (Oct. 15, 2019).