Adam Le
In this second episode of our miniseries Private Markets and the End of Cheap Money, we talk to LPs about allocation shifts, impacts on fundraising and what investors are looking for out of their GPs as rates rise.
The firm, which has raised €2.6bn for its debut lending fund, estimates the size of this market could grow to $700bn by the end of this decade.
Devlin, a prolific commentator and prominent lawyer in the private equity industry, has advised some of the market's biggest players on secondaries, M&A and co-investment deals.
The secondaries market is expanding private equity access to individual investors and defined contribution pension plans.
Andrew McCaffery, chief investment officer at the $706.3bn asset management giant, says there's traction around the democratisation of the asset class.
Co-GP relationships, reps and warranties insurance, and sponsors of all shapes and sizes using secondaries capital are just around the corner.
The pandemic has thrown up some unexpected issues for secondaries market participants, including a sponsor who threatened litigation over a stapled deal.
The law firm advised on more than $57bn-worth of secondaries transactions last year and represented GPs including Audax Group and Clearlake Capital Group.
Elliot Weston, head of UK Tax and partner at Hogan Lovells, lays out the effects on buyers and sellers of LP fund stakes and what to expect from the proposed changes to stamp duty.
OakNorth Bank has completed a revolving credit line with Bluegem Capital Partners, marking the lender's entry to the private equity fund finance market.