Current Trends in the PE Secondary Market and Key Differences Between Europe and the U.S.

Over the last decade, the PE secondary market has rapidly grown as a way for limited partners to obtain liquidity. Several trends have simultaneously surfaced in the types of transactions occurring amidst this period of increased activity, including differences across regions and the rise of restructurings initiated by general partners seeking to actively manage their portfolios. In a guest article, Kirkland & Ellis partner Jacqueline Eaves explores these and other recent trends in the PE secondary market, as well as some of the similarities and differences that have emerged between the secondary markets in the E.U. and the U.S. 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).

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