GP-Led Secondaries: Navigating a Rapidly Expanding Market

The secondary market has experienced unprecedented growth, with transaction volumes reaching record highs. In 2024, the market surged to approximately $162 billion, marking a 45% increase from the previous year and surpassing the 2021 record. Notably, GP-led transactions accounted for $75 billion of this total, reflecting a significant 68% increase in the year’s second half. This surge underscores the escalating importance of GP-led secondaries in private equity, offering both liquidity solutions and strategic asset management opportunities. As private equity firms face evolving market dynamics, understanding the intricacies of GP-led secondaries is essential for any professional working in the industry. 

Topics to be addressed include:

• Introduction to GP-led secondaries – Understanding their role and significance in today’s market (5 minutes)
• Market trends and strategic adoption – Analyzing the factors driving the surge to $75 billion in GP-led transactions (10 minutes)
• Key drivers behind market expansion – Exploring why more GPs and LPs are embracing this approach (5 minutes)
• Benefits for GPs and LPs – Discussing liquidity solutions, value maximization, and strategic flexibility (5 minutes)
• Deal structure and transaction process – Examining how these transactions are executed (10 minutes)
• Stakeholder roles, potential conflicts, and challenges – Navigating the complexities (10 minutes)
• Legal and regulatory considerations – Identifying key risks and compliance factors (10 minutes)
• Future outlook for GP-led secondaries – Projecting where the market is headed next (5 minutes)

Who Should Attend: In-house counsel, outside attorneys, finance and other allied professionals interested in gaining a better understanding of GP-led secondaries

Program Level: Overview

Prerequisites: None

Advanced Preparation: None

Faculty:

Joseph Ehrlich

Brown & Brown Risk Solutions

Arash Farhadieh

Willkie Farr & Gallagher LLP

Spencer Gyory

Lazard Frères & Co. LLC

Evert Vink

New 2ND Capital

John Weinstein

Insight Partners, LLC