Innovations in liquidity solutions: the upswing of the secondaries market

Innovations in liquidity solutions: the upswing of the secondaries market

25 Sep 2024|SuperReturn
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Alessandro SilvestroAlessandro SilvestroManaging Director, Asia Pacific at Lemanik Asset Management S.A.

Alessandro Silvestro is Lemanik Managing Director for Asia Pacific since 2018. Based in Hong Kong he is a member of the company's Global Strategic Committee. Graduated with a Master degree in Law (LLM), Alessandro brings more than two decades of international experience in the investment fund industry. Over the course of his career, he has developed Operational, Distribution and Relationship Management expertise in both Europe and Asia.

Before joining Lemanik, Alessandro lead the Insurance Sales team in Asia for Standard Chartered Hong Kong and held various senior positions with RBC Investor Services in Luxembourg, Milan and Hong Kong where he was a Member of the Management Committee.

Alessandro is a regular speaker in funds international conferences, an active member in several key funds associations and Board member in several investment funds.

 Pinal Nicum Pinal NicumPartner at Adams Street Partners

Pinal is responsible for all aspects of the secondary business, including strategy, investments, fundraising, and portfolio construction. In addition to leading European opportunities, he also spends significant time developing Adams Street’s secondary efforts in Asia and the Middle East.

Prior to joining the firm, Pinal spent nine years at Coller Capital where he originated and executed secondary transactions in the UK and Asia, including structured acquisitions of fund and direct asset portfolios.

Previously, he spent three years in corporate development at the UK-listed leisure conglomerate Rank Group Plc, managing M&A, strategy, and restructuring projects. He also spent five years at Coopers & Lybrand in London where he worked in corporate finance.

Pinal serves on the Advisory Board of several funds within Adams Street’s portfolio. He is also a member of Adams Street’s Secondary Investment Committee.

Patrick NoPatrick NoManaging Director, Private Capital Advisory at Lazard

Patrick No is a Managing Director in Private Capital Advisory (PCA), based in Singapore. He has regional Asia-Pacific responsibilities, overseeing PCA’s secondary advisory and primary fundraising activities in the region.

Prior to Lazard, Patrick was a Managing Director at Credit Suisse (Investment Banking & Capital Markets, Asia-Pacific), where he was the Head of Financial Sponsors, based in Hong Kong. He previously worked at J.P. Morgan (Investment Banking) and UBS Investment Bank, in Hong Kong and Australia.

Patrick graduated from the University of Melbourne, with a Bachelor of Laws and Bachelor of Commerce (Honors in Finance).

David EnriquezDavid EnriquezPartner at Clipway

David is a Partner and member of the founding team of Clipway. Prior to Clipway, David was a Managing Director at Rothschild Five Arrows. As Head of U.S. Origination, he sourced private equity deal flow across secondaries, primaries and co-investments.

Before joining Rothschild, he was Head of Private Equity for the Bureau of Asset Management in the Office of the New York City Comptroller. In this role, he managed a $23 billion private equity portfolio for the five New York City retirement systems (Teachers, Employees, Fire, Police and Board of Education) and successfully established a private equity co-investment program.

Previously, he was an investment banker at Rothschild & Co, Merrill Lynch and Bear Stearns where he worked on financing and strategic advisory transactions. David began his career as an M&A lawyer at Sullivan & Cromwell.

David holds an A.B. from Brown University, magna cum laude; an M.P.A. from Princeton University's School of Public and International Affairs; and, a J.D. from Columbia Law School, where he was a Harlan Fiske Stone Scholar.

José Luis MolinaJosé Luis MolinaGlobal CEO and Co-founder at Altamar Capital

Prior to co-founding Altamar Capital Partners in 2004 with Claudio Aguirre, José Luis Molina worked for approximately 10 years at Lehman Brothers, first in New York and later in London, where he was a Senior Vice President at Lehman Brothers and one of the people responsible in Europe for originating and executing direct investments in buyouts on behalf of the Lehman Brothers Merchant Banking Fund. Prior to joining the Private Equity team at Lehman Brothers, he worked in the Investment Banking division as a member of the Global Technology Group, specialising in mergers and acquisitions, IPOs and capital raising transactions in the technology sector, first in New York and then in London. Prior to joining Lehman Brothers, he worked at Credit Lyonnais in the Mergers and Acquisitions Department/Iberagentes Bolsa in Madrid from 1991 to 1993.

José Luis holds a Bachelor’s degree in Economics and Business Administration from CUNEF (Madrid, 1985-1990) and an MBA with distinction from Columbia University (New York, 1993-1995). José Luis has been a Registered Representative with the Financial Services Authority (FSA) in the United Kingdom since 1997 and a Series 7 and Series 63 Representative with the National Association of Securities Dealers (“NASD”) in New York since 1995.

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Description

Have the best vintages for secondaries passed or is there still a window? What is the overview in terms of volume and pricing? With continuation vehicles growing as part of the secondary market, what are the key considerations in terms of negotiating and structuring to ensure LP/GP alignment? In addition to the traditional LP and GP-led models, what are other creative levers GPs are using to generate liquidity?

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