Exploring the growth and dynamics of the secondary market in private markets, tracing back to key early transactions and the development of an advisory business to assist LPs in gaining liquidity. The chapter discusses the market evolution during and after the financial crisis, highlighting the strategic selling factors that led to increased transaction volumes and better returns. It also touches on the speaker's transition to Evercore for a more entrepreneurial opportunity in the asset management field.
Nigel Dawn is the global head of Private Capital Advisory at Evercore, where he leads the secondaries business he started a decade ago. Under Nigel's leadership, Evercore had become the market leader in transaction volume and is involved in approximately 30-40% of all secondaries market activity .
Our conversation covers Nigel's observations on the growing secondaries market, including its history, rationale for LPs and GPs, incentives, critiques, other liquidity options, and advice for both sellers and buyers of GP interests.
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