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sd-10-EFTA01390938Dept. of Justice

EFTA Document EFTA01390938

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GLOUSI13 Cliff Illig Why invest in secondary private equity today? Secondaries market is strong at with US$58 billion of deal volume in 2017 Pricing for funds stable but differentiated GP-led deals are evolving and growing Steady supply of tail-end funds - US$2.8 trillion of primary private equity NAV + unfunded - US$600 billion locked in funds 9+ years old - Secondary pricing steady at 93% of NAV in 2017 - Price dispersion between high & low quality GPs / funds is increasing - B

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Dept. of Justice
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sd-10-EFTA01390938
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