Why should private equity managers consider general partner-led secondaries processes on their funds? PERE and sister publications Private Equity International and Secondaries Investor recently sat down with Campbell Lutyens’ managing partner and chief executive Andrew Sealey to discuss this very question.
Sealey is well-placed to know. His firm, a secondaries advisor and placement agent, has worked on some of the largest such transactions to date, including the €2.5 billion restructuring of assets in Nordic Capital’s 2008-vintage fund into a continuation vehicle, and the $1 billion stapled deal on BC Partners’ 2011-vintage fund that helped the firm towards the €7 billion target of its 10th flagship buyout fund.
In this half-hour podcast, Sealey and PEI editors discuss the different types of GP-led transactions and how they can benefit all parties involved; how the nuances of such deals differ across private real estate, private equity and infrastructure; and how stapled deals can sometimes deliver a higher price for limited partners that choose to sell in a GP-led tender offer.