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In finance, the private equity secondary market (also often called private equity secondaries or secondaries) refers to the buying and selling of pre-existing investor commitments to private equity and other alternative investment funds. Given the absence of established trading markets for these interests, the transfer of interests in private equity funds as well as hedge funds can be more complex and labor-intensive.〔Lemke, Lins, Hoenig & Rube, ''Hedge Funds and Other Private Equity Funds: Regulation and Compliance'', §5:28; §§13:34 - 13:38 (Thomson West, 2014 ed.).〕 Sellers of private equity investments sell not only the investments in the fund but also their remaining unfunded commitments to the funds. By its nature, the private equity asset class is illiquid, intended to be a long-term investment for buy-and-hold investors, including "pension funds, endowments and wealthy families selling off their private equity funds before the pools have sold off all their assets." For the vast majority of private equity investments, there is no listed public market; however, there is a robust and maturing secondary market available for sellers of private equity assets. Buyers seek to acquire private equity interests in the secondary market for multiple reasons. For example, the duration of the investment may be much shorter than an investment in the private equity fund initially. Likewise, the buyer may be able to acquire these interests at an attractive price. Finally, the buyer can evaluate the fund's holdings before deciding to purchase an interest in the fund. Conversely, sellers may seek to sell interest for various reasons, including the need to raise capital, the desire to avoid future capital calls, the need to reduce an over-allocation to the asset class or for regulatory reasons.〔Lemke, Lins, Hoenig & Rube, ''Hedge Funds and Other Private Equity Funds: Regulation and Compliance'', §13:34 (Thomson West, 2014 ed.).〕 Driven by strong demand for private equity exposure over the past decade, a significant amount of capital has been committed to secondary market funds from investors looking to increase and diversify their private equity exposure. ==Secondary market participants== The private equity secondary market features dozens of dedicated firms and institutional investors that engage in the purchase and sale of private equity interests. Recent estimates by advisory firm Evercore gauged the overall secondary market’s size for 2013 to be around $26 billion,〔(Evercore: Distressed sellers 1% of 2013 market volume ) PEI Media, 14 April 2014〕 with approximately $45 billion of dry powder available at the end of 2013 and a further $30 billion expected to be raised in 2014.〔(Evercore: secondaries funds target $30bn ) PEI Media, 14 April 2014〕 Such large volumes have been fuelled by an increasing number of players over the years, which ultimately led to what today has become a highly competitive and fragmented market. Leading secondary investment firms with current dedicated secondary capital in excess of circa $3 billion include: AlpInvest Partners, Ardian (formerly AXA Private Equity), Capital Dynamics, Coller Capital, HarbourVest Partners, Lexington Partners, Pantheon Ventures, Partners Group and Neuberger Berman.〔(The Private Equity Analyst Guide to the Secondary Market ). Private Equity Analyst, 2004〕 Other secondary firms with circa $1–3 billion of current dedicated capital to secondaries include Adams Street Partners, Greenpark Capital, Hamilton Lane, Industry Ventures, Landmark Partners, LGT Capital Partners, Newbury Partners, Permal Capital Management, Pomona Capital, Saints Capital, W Capital Partners and Willowridge Partners.〔〔Source: Private Equity Intelligence〕 Additionally, major investment banking firms including Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley have active secondary investment programs.〔 Other institutional investors typically have appetites for secondary interests. More and more primary investors, whether private equity funds-of-funds or other institutional investors, also allocate some of their primary program to secondaries. Within the secondary arena, certain smaller specialized firms, including Delta-v Capital, Industry Ventures, Lake Street Capital, Nova Capital Management, Saints Capital, Sobera Capital, Verdane Capital, Vision Capital, W Capital and Azini Capital, focus on purchasing portfolios of direct investments in operating companies, referred to as secondary directs. Other niches within the secondary market include purchases of interests in fund-of-funds and secondary funds (Montauk Triguard), purchases of interests in real estate funds (Landmark Partners, Madison Harbor Capital and Strategic Partners Fund Solutions)〔(Secondary real estate market quietly ramps up ). Reuters, Sep 20, 2007〕 and smaller transactions (Headlands Capital and Auldbrass Partners). As the private equity secondary market matures, non-traditional secondary strategies are emerging. One such strategy is preferred capital, where both Limited Partners and General Partners can raise additional capital at net asset value whilst preserving ownership of their portfolio and its future upside. While intermediation in the secondary market is still not as pervasive as in corporate mergers and acquisitions, leading advisors to secondary market sellers include investments banks (e.g., (Evercore ), Greenhill Cogent (fka Cogent Partners),〔(Greenhill Expands Capital Advisory Capabilities through Acquisition of Cogent Partners ). Greenhill, Feb 10, 2015〕 Credit Suisse, Houlihan Lokey, Lazard, UBS), dedicated boutique firms (e.g., Cebile Capital LLP〔()〕 Setter Capital Inc), electronic exchanges (e.g., SecondMarket), social network (e.g., (SecondaryLink )), as well as established fund placement agents (e.g., (Campbell Lutyens ), Park Hill Group〔(Blackstone to Spin Off Financial Advisory Business ). Blackstone, Oct 10, 2014〕 and Triago). Since 2008, there have been a growing number of new entrants into the secondary transaction space, hoping to capitalize on what is perceived to be a growing market opportunity. Other independent advisory firms such as LP Analyst〔(Fortune Ins and outs at Cogent Partners ). Fortune October 2011〕 have also sprung up to provide private equity investors with third-party analysis supporting secondary buy-side and sell-side transactions assessments. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Private equity secondary market」の詳細全文を読む スポンサード リンク
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