Dry Powder: The Private Equity Podcast
Two decades ago, the secondaries market was viewed as a sort of industry backwater, a place where investors worried that doing any trading at all signified a mistake.
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“It was almost akin to asking your spouse for a divorce, if you were to call up a GP and say, ‘I want to sell my fund,’” recalls Nigel Dawn, the senior managing director at Evercore. Times have changed, however, and on today’s episode of Dry Powder, Nigel walks us through the rapid evolution of the secondaries market.
We talk about the tools that are now available to GPs and LPs, from continuation funds to NAV loans to private IPOs. We also consider whether the secondaries market could continue its remarkable growth spurt.
“In 2004, the whole market was $6 billion,” Nigel says. “A medium-sized secondary fund now is $6 billion.”
The Private Equity Podcast
In our podcast series, Bain's Hugh MacArthur interviews leading experts on the trends and opportunities that will redefine the private equity industry.
First published in gennaio 2024