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ARTICLE · 22 MAY 2024

Approaching Secondaries Financing From All Angles: Key Considerations For Debt In LP-Led And GP-Led Secondary Transactions

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Debt finance plays a key role in all parts of the capital structure for private investment funds and their investors.

United KingdomFinance and Banking
Cameron A. Roper
Cameron A. Roper
Paul Tannenbaum
Paul Tannenbaum
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Debt finance plays a key role in all parts of the capital structure for private investment funds and their investors. In particular, the use of debt finance is an increasingly important component of secondary transactions, whether for traditional private equity secondary funds acquiring interests in underlying funds or for fund managers facilitating GP-led transactions. However, there are different considerations which apply depending on the purpose for incurring the debt and where such debt sits in the structure. This article considers how debt can be used in different types of secondary transactions and sets out some of the key considerations for fund managers and investors.

LP-led secondary transactions

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