Continuation funds, initially termed as zombie GPs, have transformed over the past decade. Originally designed to manage expiring funds without generating profits, they have evolved into a strategic tool for GPs to retain their best assets. By leveraging the secondary market, GPs can now keep their prized assets, achieve growth, and provide liquidity options for LPs without the need for asset sales to generate liquidity for new funds.
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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