This asset class has been growing at 20% a year for the last 5 years
The following was written and published on Livewire on 21 November 2024.
How has COVID and the steepest interest rate hiking cycle in decades impacted private equity? Find out in this episode of The Pitch.
Note: This video was taped on Thursday 31 October 2024.
The COVID-19 pandemic followed by the steepest interest rate hiking cycle in more than four decades created an unprecedented environment for PE secondaries, even for Barry Miller of Ares Management, who has been investing in this space for over 25 years.
“What it did do, is it elongated the time between fundraising because you went through a period of time when markets just froze up. So what did that mean? That meant that distribution slowed down in certain cases and contributions increased. And what did that mean for investors? That meant that they needed to seek liquidity,” Miller told me in this episode of The Pitch.
And where do they find that liquidity? The private equity secondaries market.
Read the edited transcript here.
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