Fund Secondary Transactions
Invest Europe's Fund Secondary Transactions course aims to help private equity and venture capital investors and fund managers to get better acquainted with the process and legal documentation of a secondary transaction from the point of view of the secondary buyer, the secondary seller and the GP.
The following aspects will be covered:
Overview / Economics
- Overview of secondary market
- Types of secondary transactions (single fund interest sale, portfolio sale, GP-led transactions, secondary directs)
- Motivations of sellers and buyers
- Role of fund managers in secondary transactions
Overview of Process and Legal Documentation
- Legal Due Diligence: Transfer restrictions in Fund LPAs
- Typical auction process and closing mechanics
- Overview of typical documentation of secondary transactions (other than SPAs and transfer agreements)
- Transfer Agreements: Typical hot topics in negotiations
Sale and Purchase Agreement
- Overview
- Purchase price clauses
- Case Study: Typical hot topics in negotiations
GP-led Transactions
- Overview
- Types of Transactions
- Case Study: Key Considerations
Why should you attend?
Secondary transactions in private equity is a relatively new sub-area of the asset class which developed within a few years from obscurity to a USD 40 billion sub-asset class, indicating the maturity of private equity and addressing its main structural problem: illiquidity. Knowing one’s options to sell or buy on the secondary market is a valuable asset to buyers and sellers alike and broadens the GPs’ scope of liquidity solutions.
Who should attend?
Secondary buyers, including secondary fund-of-funds, primary fund-of-funds and other institutional investors who are taking an opportunistic approach (i.e. buy secondary interests when the opportunity arises, e.g. buying fund interests in a fund in which they are already invested if some of the other investors want to sell).
Secondary sellers, including everyone who is invested in private equity funds and may decide to sell fund interests as a matter of portfolio reallocation.
Fund managers as they have to manage the transfer process, have to learn to defend their brand and build a new relationship with potential new investors. Increasingly, fund managers actively turn to secondaries to use fund restructurings, staples and other GP-led transactions as a tool to provide liquidity solutions for tail-end portfolios and build momentum for the next fundraising.
Advisors and other professional service providers (including administrators, financial advisors and placement agents, lawyers etc.), who are involved in secondary transactions.
Online delivery
To accommodate our members, Invest Europe has decided to hold the 2021 editions of this course as online training. The online course edition is being designed with the same key elements that are valued by our course participants – excellent content and speakers, and interactive group discussions. The updated course structure and format will accommodate online delivery, with shorter sessions and ample audience engagement.
Sign up here: https://www.investeurope.eu/events-training/training/training-courses/fund-secondary-transactions/#tab-overview