Guide to the Secondary Market - Dow Jones & Company

PRIVATE EQUITY ANALYST

Guide to the Secondary Market

2015 Edition

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Guide to the Secondary Market

2015 Edition

Editorial Laura Kreutzer, David Smagalla, Hillary Canada, Yuliya Chernova, Alec Macfarlane Research Brendan Hughes, Victoria Camporeale Bradley, Sean Curran Advertising Joseph Koskuba, James Lindquist Production and Design Tara S. Cooper, Heather Graham, Tim White Editorial Director Nicholas Elliott Tel 609.520.7779 or 800.291.1800 | privatemarkets ISBN# 1-934391-19-0/978-1-934391-19-8 | Guide to the Secondary Market published May 2015 by Dow Jones & Company, Inc., located at 1211 Avenue of the Americas,

New York, New York 10036. Dow Jones & Co. is a News Corporation company. Cover Price: $195. Contact newsletters.support@. Copyright ? 2015 by Dow Jones & Company, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means ? graphic, electronic, or mechanical, including photocopying, recording, taping, and information storage and retrieval systems ? without the express written permission of Dow Jones & Company, Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. Dow Jones & Company, Inc., its officers, employees, or agents may hold positions in any of the securities mentioned herein. Photo credits - cover: beboy/; p3, p7: ?apCincy; p4: Akos Nagy/; p11: gualtiero boffi/; p13: ?ismagilov; p15: eyeidea/; p16: Andrey Armyagov/; p22: ?PeopleImages; p27: ?ssuni; p28: ?mevan; p29: ?maxuser; p30: AFNR/

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Guide to the Secondary Market [ 3 ]

Table of Contents

I. Introduction

Preface

4

By Laura Kreutzer, Assistant Managing Editor, Private Equity

Secondary Market Goes Mainstream, as Deal Volume Hits New High

6

By Hillary Canada

Strong Pricing Brings Sellers to the Table, but Will the Market Overheat? 16 By Laura Kreutzer

Secondary Market Posts Record Year in 2014, Although Estimates Vary 22 By Laura Kreutzer

Secondary Market Timeline

24

Deal Volume and Fundraising, 2002-2014

Real Estate Secondary Volume Continues Growth Trajectory

26

By Hillary Canada

Secondary Buyers Prepare for Wave of Energy Fund Sales

27

By Alec Macfarlane

Buy-Side Broker Boom Brings Risks and Rewards to Secondary Market 28 By Laura Kreutzer

Secondary Market Offers Seed Funds an Exit Option but Few May Use It 29 By Yuliya Chernova

Secondary Funds Continue to Reap Rewards of Strong Exit Market

30

By David Smagalla

II. Sponsored Article

The Rise of Real Estate Secondaries

33

By Andrei Brougham of Greenhill Cogent

III. Firm Listings

Secondary Market Buyer Listings

34

Secondary Direct Manager Listings

58

Intermediary Firm Listings

62

IV. Appendixes

A. Investors That Have Backed Secondary Funds

70

B. Secondary Market Buyer, Interests Sought

74

C. Secondary Market Buyer & Direct Manager, Geographic Preferences 76

D. Secondary Market Intermediary, Types of Clients Represented

78

E. Secondary Market Intermediary, Average Size of Deals Represented 79

V. Indexes

Company Name

80

Contact Name

83

Roughly two out of three survey respondents said they anticipated 2015 to be a record year for volume...But other respondents saw the blockbuster year in 2014 as an outlier, driven by those large portfolios, and didn't expect the same dynamics to materialize during 2015.

"Secondary Market Goes Mainstream, as Deal Volume Hits New High," p.6

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