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Alternative Market Briefing

Secondary deal volume declines in the first half of 2016

Wednesday, August 31, 2016

Bailey McCann, Opalesque New York:

A new report out from secondary market broker Setter Capital shows that secondary deal volume is down some 10 percent for the first half of 2016. The downward trend follows several years of record breaking volume in the secondaries market. Setter's annual survey includes data from 119 secondary buyers.

Overall, secondary volume decreased to $18.6 billion in the first half of 2016, from $20.6 billion recorded in the same period last year. The decline in secondaries volume has hit all asset classes with private equity reporting a 7.3 percent decrease year-over-year; real estate secondaries saw the largest drop at 36.7 percent and hedge fund secondaries were down 13.1 percent. Energy fund secondaries were also down slightly from $350 million to $335 million in the first half of 2016.

The only fund groups to see an increase in secondaries volume were infrastructure fund secondaries which increased 40 percent and venture fund secondaries which increased 55 percent.

Report data also shows that even as the secondaries market has grown significantly in recent years, the bulk of deal activity still comes from the most well established buyers. 82 percent of deal volume comes from dedicated secondaries funds, followed by fund of funds which accounted for 13 percent of deal volume. The ten largest buyers, defined as those that deployed more than $600 million in H1 2016, accounted for 57.1 percent of the market’s total volume. Buyers a......................

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