MJ Hudson’s Catalogue of Secondaries Market: A guide to the sale of private equity fund interests

Transferring interests in private funds has always had its challenges. Yes, pricing models have improved, the number of buyers has increased, and the market is more transparent than ever, but, nevertheless, selling a fund interest is not like selling a piece of fine art. Particularly for the less experienced participant, the marketplace for secondaries can be a disorienting and uncertain place.

This catalogue is intended to be a practical guide to those using the secondaries market, with a focus on selling interests in private funds. In it, we will cover a variety of relevant topics, including how to prepare for a sales process, how the process itself works and, indeed, what can go wrong.

This guide does not aim to provide a detailed exploration of stapled secondaries, GP-led secondaries, and other types of transactions that are seen in the industry. However, a brief explanation of each will be provided.

Throughout the guide, you will find helpful insights from a wide variety of experienced participants in the secondaries market, including buyers and sellers and the advisers and intermediaries that support them in their activity.