GP-led secondaries are often a solution to two of the major structural challenges posed by the private equity model:
- that a 10+1+1 fund life does not always track the growth trajectory of underlying portfolio investments; and
- investors are increasingly seeking smoother and more regular liquidity during a 10+ year commitment cycle, favouring more active management of investments throughout their hold period over back-ended exits.
In April 2021, we hosted a webinar on GP-led transactions and explained the legal, regulatory and tax issues that arise when executing these transactions. Our multi-disciplinary team of presenters, all with extensive experience in GP-led transactions, identified the importance of the deal structure, not only for tax and regulatory reasons, but also because it is vital that all stakeholders' interests are addressed.
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