The pricing landscape for secondaries is influenced by market cycles, with many transactions occurring at or near par value. Contrary to common belief, the discount on an asset isn't the sole predictor of returns; rather, the quality of the asset and the manager plays a crucial role in generating long-term gains. Additionally, the investment landscape is shifting, offering institutional and non-institutional investors new avenues to access private equity, such as co-investments and continuation funds, allowing for more flexibility in entering and exiting investments.
