An introduction to private equity secondaries
Private equity is generally an illiquid asset class, meaning investors are typically required to commit capital for ten years or more. But investors requirements can change over time, and this can create the need for early liquidity.
The secondary market allows private markets participants, known as limited partners or LPs, to exit early from their investment commitments; and managers, known as general partners or GPs, to create liquidity for their LPs.
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