The secondary market encompasses both simple disposals and acquisitions of existing limited partnership interests as well as complex "synthetic" secondaries whereby a private equity or hedge fund's (or, indeed, a corporate's) direct holdings in a portfolio of privately held companies are packaged up and sold to another manager with the backing of (a) secondary fund(s).  Lancea has successfully executed a number of "secondary direct" transactions, putting together vendors, purchasers and specialist managers of secondary assets.  Given the mix of skills and track record of Lancea Partners, it is well equipped to act for buyers, sellers or management teams on a wide range of secondary transactions and is well known to all the major secondary players.

 

It is important for a placement agent to have in depth working knowledge of the secondary markets; familiarity with the requirements of such investors can be a critical tool in providing a client with effective advisory and placement services on the primary side.