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From Kirsten Bischoff, Opalesque New York:
August, typically a quiet month throughout the financial world, has been anything but typical this year, and perhaps nowhere more so than in the hedge fund secondary markets. “Everything has increased, from inventory levels to numbers of bids, to the frequency of bids and the percentage of inventory with active bids,” Jeff Bollerman, Director, Limited Partnership Interests at SecondMarket told Opalesque.
Much of this new activity is coming from new investors. New York-based SecondMarket, which specializes in providing a secondary market for illiquid assets has seen an uptick in activity for hedge fund shares from both their traditional clients as well as a new base of investors. Typically the firm has a base of funds that are active in trading LP shares, but over the past weeks there has been a growth of both new buyers and sellers.
Regrouped institutional investors
Jane Mendillo, CIO of the Harvard Endowment told the Wall Street Journal this week that her team would be looking to utilize the secondary markets as to offload illiquid investments. Perhaps even more notable was her comment that the endowment planned to also be an active buyer on the secondary markets.
As endowments and pensions face a large uphill climb to regain their highest asset levels, many are re-strategizi...................... To view our full article Click here
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