Secondaries in the Institutional Portfolio

Part 3 in a series. Take a deep dive into the role that secondaries play within the institutional allocation to private equity. Jason Gull, Partner & Global Head of Secondary Investments at Adams Street Partners, Bill Murphy, Managing Director of Cogent Partners and Mark Maruszewski, a Partner at StepStone Group, discuss the right reasons to allocate to secondaries, including a desire for instant portfolio diversification. Also discussed: Why sovereign wealth funds like secondary mega-funds, the importance (or lack thereof) of discounts to NAV in driving returns, the extent to which LPs actively pursue portfolio management using secondary sales as a tool, and why it makes sense to bundle your “dog funds” with “higher quality stuff” in a sale process.