ICG

The flood of '40 Act capital from private wealth is pushing secondaries pricing to historic highs, dramatically narrowing bid-ask spreads and forcing major asset managers and new specialized firms into an arms race for liquidity-generating deals.

GPs are raising record sums for continuation vehicles, but the firms closing funds fastest are those proving they can deliver distributions through old-fashioned sales.

Growth of the secondaries market is being driven by emerging sellers with a variety of motivations, from liquidity needs to portfolio rebalancing.