Secondaries and Fund Liquidity Solutions

With one of the largest secondaries teams worldwide, we execute many of the most significant transactions in the global secondaries market each year. From top institutional investors and investment firms to leading GPs, key players on both the buy side and sell side trust us to efficiently negotiate transaction documents, identify and mitigate risks, and stay informed of market trends.

Whether executing strategic one-off transactions, large portfolio sales or purchases, tender offers, preferred equity transactions, NAV-based loans, or GP-led restructurings, we help clients manage liquidity in buy-out funds, credit funds, real estate funds, venture capital funds, infrastructure funds, and hedge funds.

GP-led secondary transactions have become a critical management tool in recent years as GPs look to extend the life of investments and increase long term returns in the face of market pricing issues, rising interest rates, and other economic headwinds. But these transactions don’t come without challenges, and our attorneys in the US, London, Paris, and Luxembourg leverage extensive experience advising various parties and stakeholders in GP-led liquidity solutions to successfully execute single- and multi-asset deals, continuation funds, strip sales, NAV-based financings, preferred equity transactions, and tender offers.

DLA Piper has a worldwide footprint that offers our clients a “one-stop” solution to complicated, multi-jurisdictional transactions.  We seamlessly coordinate across jurisdictions, asset classes, and specialists to execute successful deals. We have relationships with every major intermediary, who see us as a go-to partner because of our global platform, commercial approach, and deep bench.

Our team successfully closes over 300 secondary transactions annually, representing over $24 billion in transaction value.

Select GP-Led Experience:

• Renovus Capital Partners in connection with the formation of a multi-asset continuation fund
• Speyside Fund Advisors in connection with their single asset GP-led in Opta Group LLC
• Outfitter Energy Partners in connection with the formation of their continuation fund
• Savant Growth in connection with their spin out from Kennett Partners and formation of their continuation fund
• Represented a leading energy fund manager in connection with the formation of a continuation fund
• Hamilton Lane in connection with its lead investment into a continuation fund formed by TorQuest Partners
• Pantheon Ventures in connection with GP-led transactions
• A top-10 European secondaries firm in connection with its investments into GP-led restructurings and continuation funds
• Los Angeles County Retirement Association in connection with its lead investment into a continuation fund formed by Accel-KKR
• Represented a governmental pension plan as buyer in a tender offer of two venture funds
• Represented a secondaries fund as lead buyer in a GP-led transaction for the acquisition of a restaurant chain, including an underlying preferred equity position

Select Secondaries Portfolio Experience:

• Regents of the University of California in connection with numerous secondary transactions
• A family office in a secondary transaction resulting in the restructuring of a US$2 billion portfolio of private equity investments
• Hamilton Lane in connection with various buy and sell-side portfolio transactions
• Kline Hill Partners in connection with numerous buy-side portfolio transactions
• ARES in connection with the purchase of LP interests in US and non-US funds
• Represented a corporate pension plan as seller of a portfolio of funds representing $500 million in value in a mosaic solution to four buyers
• Portfolio Advisors in connection with numerous buy and sell-side portfolio transactions
• A family office in the sale of a portfolio of funds representing over $700 million in value to multiple buyers