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From Kirsten Bischoff, Opalesque New York : With speculation over where the sidelined cash may move first on its way back into the hedge fund industry, one might look to the new SecondMarket platform. First announcing the addition of trading in limited partnership (LP) interests in private equity funds, venture capital funds, hedge funds and funds of funds on their website four weeks ago, the New York based firm received inquiries from approximately 150 buyers and sellers with approximately half a billion in assets to offload. After a larger, industry wide announcement was made last week the team at SecondMarket has seen that rate of inquiry explode.
What SecondMarket means for hedge fund managers
With the rise of hedge fund gates during 2008 and anticipation of additional Q109 hedge fund withdrawal requests (and possible further gated assets as a result) there remain many funds which would currently be viable on the SecondMarket platform. With over 2000 buyers (approximately 300 of which indicated an immediate interest in buying LP interests), the immediate need the firm has is for soft sellers to enter the space.
"We are working with hedge fund managers to create a controlled, organized, secondary market," CEO Barry Silbert told Opalesque. Prior to the turmoil in the hedge fund industry, such a partnership would have been unlikely. However, as market illiquidity has placed much greater importance on investment exit strategies for both large i...................... To view our full article Click here
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