Sunday, 31 August 2014
Last updated 1 day ago
Apr 25 2014 | 1:45pm ET
The burgeoning private-equity secondaries market is set to get its buttonwood tree.
The Nasdaq OMX Group plans to launch a private market on which p.e. investors can sell their stakes, with Kohlberg Kravis Roberts the first to sign up. Others are expected to follow before the market debuts, probably in the second half at the earliest, with several in talks with Nasdaq.
The new market will allow investors to sell some or all of their stakes in p.e. funds. KKR is expected to file paperwork to allow fractional trading as soon as this month, The Wall Street Journal reports.
The secondary p.e. market was already poised for its biggest year ever, with deal volume expected to top $30 billion. The week, Ardian, the former AXA Private Equity, announced it had raised the largest fund of p.e. funds in history, with $9 billion of the $10 billion garnered earmarked for secondary investments.
Buyers on the new market will have to be accredited. But rather than handing over millions to a newly-raised p.e. fund, with a lockup that can reach a decade, participants could have the option to pay just a few tens of thousands of dollars for a piece of a fund stake. And sales could come with as little as one month’s notice.
It remains unclear whether investors will be permitted to trade shares of all KKR funds, or just certain vehicles selected by the firm. And the market requires regulatory approval.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...