Liquidity at what price?
While some LPs that had planned to sell into the secondaries market this year are mulling whether the time is right, others are ploughing ahead with their processes – for now.
As LPs have taken an increasingly sophisticated approach to the secondaries market, a number of potential sellers have been taking stock about whether it may be the right time to sell into the secondaries market.
Aware Super has been eyeing a secondaries sale later this year for portfolio management reasons, having already engaged with advisers to offload a private markets portfolio. Amid the turbulence, head of private equity Jenny Newmarch told affiliate title Secondaries Investor the Australian superannuation fund was having difficulty gauging if the bid-ask spread will get too high.
“On Tuesday night [last week], we probably felt the market had a 90 percent chance of drying up or the bid-ask spread becoming too high. By Thursday, we probably thought… it’s changed to 70 percent,” she explained...
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