News & Analysis as of

Secondary Markets

Bennett Jones LLP

The PE Briefing: Q2 2025

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The clouds of uncertainty that rapidly formed in early 2025 continue to drift over the private equity landscape in Canada and globally. Tariffs and geopolitics are subduing deal making and investment opportunities,...more

Orrick, Herrington & Sutcliffe LLP

PISCES: Sandbox

RECAP Private Intermittent Securities and Capital Exchange System (PISCES) Regulations (SI 2025/583) are now in force. PISCES is not a stock market; it is a regulatory sandbox for those market participants who want to set up...more

Bennett Jones LLP

Private Equity Secondaries: Adapting to Illiquidity and Risk

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Global private secondary market transaction volume hit an all-time high of US$160 billion in financial year (FY)-2024, which is up 41 percent from 2023 and has surpassed projections. Private market secondaries have been...more

Orrick, Herrington & Sutcliffe LLP

PISCES: Hook, Line and Secondary Market

The Financial Conduct Authority (FCA) is aiming to bridge private and public markets with the Private Intermittent Securities and Capital Exchange System (PISCES). Only shares in unlisted UK-incorporated companies will be...more

Ropes & Gray LLP

Another Step towards True Retail Access to Private Equity: Secondaries Market Perspective

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Many secondaries players began 2025 with the anticipation that the new presidential administration might further liberalize rules around access to private equity markets. SEC Chairman Paul S. Atkins and Division of Investment...more

Hogan Lovells

Unlocking Liquidity: How secondary sales support pension schemes in insurance buy-in/buy-outs

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The market for insured risk transfer solutions for UK defined benefit pension schemes has continued to grow in recent years, as increased competition among insurers and improved funding positions has enabled more and more...more

King & Spalding

What is new in: Private Credit Secondaries

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Private credit funds have ballooned across the industry to bridge the funding gap which followed the great financial crisis and the resulting regulation of traditional financial institutions. The maturing private credit...more

Cadwalader, Wickersham & Taft LLP

Is Cash King? April 2025 - Yale Eyes Secondaries Sale: Who’s Next?

Right after Patrick Calves wrote about “continued momentum in the secondaries market, supported by both cyclical and structural tailwinds” in last week’s FFF, Yale University’s plans to sell up to $6 billion is dominating...more

Cadwalader, Wickersham & Taft LLP

Secondaries Shift, April 2025 - Secondaries Outlook: A Market All Grown Up

We are now more than a full quarter into 2025, and it has been a very busy start to the year for the CWT fund finance practice, thanks in part to a busy quarter for secondaries fund finance deals. This is on the back of an...more

Walkers

Private equity secondary transactions and Jersey specific issues

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Private equity (PE) secondary transactions have grown significantly in recent years, driven by increasing liquidity needs among investors triggered by geopolitical uncertainties, public market volatility significant declines...more

Ropes & Gray LLP

Legal Lingo: What is a Secondaries Transaction?

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Being an aspiring commercial lawyer often means being confronted by complex, often abstract, concepts leading to an often impenetrable wall of jargon for students and trainees. Next up in our Legal Lingo series, which we've...more

Latham & Watkins LLP

The LathamTECH Podcast — Can RSUs Unlock Employee Equity?

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The trend of RSU (Restricted Stock Units) participation in secondary markets is transforming how private tech companies manage employee equity. As companies remain private for longer, the need for employee liquidity options...more

Mayer Brown Free Writings + Perspectives

House Financial Services Committee Solicits Public Feedback on Legislative Proposals to Facilitate Capital Formation

Earlier this month, the US House of Representative’s Financial Services Committee (the “Committee”) held a hearing entitled “The Future of American Capital: Strengthening Public and Private Markets by Increasing Investor...more

Conyers

SGX & Catalist Public Companies Report l H2 2024

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This edition of the Conyers SGX & Catalist Public Companies Report summarises selected key transactions involving companies listed on the Main Board and Catalist Board of the Singapore Exchange Securities Trading Limited...more

Troutman Pepper Locke

Evolving Landscape of Secondary Transactions in Private Equity — PE Pathways Podcast

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In this episode of PE Pathways, Thao Le and Stephanie Pindyck Costantino discuss the evolving landscape of secondary transactions in the private equity market. They highlight the significant growth in secondary transactions,...more

Mayer Brown

Maryland Guidance Applies Licensing Requirements to Assignees of Residential Mortgage Loans

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On January 10, 2025, the Maryland Office of Financial Regulation (OFR) issued formal guidance asserting that assignees of residential mortgage loans—including certain “passive trusts” that acquire or obtain assignments of...more

Ropes & Gray LLP

[Podcast] A Word for Our Sponsors: GP-Led Secondary Perceptions Report with Campbell Lutyens

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On this episode of Ropes & Gray’s podcast series A Word for Our Sponsors, Deb Lussier, partner and co-leader of the sponsor solutions practice, and Marc Migliazzo, counsel in the sponsor solutions practice, are joined by...more

DLA Piper

Withholding Requirements for Transfers of Venture Capital Fund Interests by Non-US Limited Partners

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The secondary market for limited partner interests in venture capital funds has witnessed robust growth in recent years as an increasing number of existing venture fund investors seek an early exit from their positions for...more

Bennett Jones LLP

Ontario Court of Appeal Puts Teeth Into Leave Test for Secondary Market Misrepresentation Claims Under the Securities Act

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It was another active year in securities class actions, with appellate courts demonstrating renewed interest in secondary market misrepresentation claims. In one such decision from February 2024, Drywall Acoustic Lathing and...more

Cadwalader, Wickersham & Taft LLP

Burlington: Good News for the Secondary Debt Market

In HMRC v Burlington Loan Management DAC [2024] UKUT 152 (TCC) (“Burlington”) the Upper Tribunal (“UT”) dismissed HMRC’s appeal, holding that the First-tier Tribunal (“FTT”) was right to conclude that the anti-abuse provision...more

Cadwalader, Wickersham & Taft LLP

Chevron and Carry On July 2024 - Investec’s Secondaries Report 2024 Out Now

Investec’s latest Secondaries Report, Charting a course for further growth is out now. It’s packed with the latest insights on the secondaries market and explores the exceptional performance over the last year, despite deep...more

Cadwalader, Wickersham & Taft LLP

Federal Regulators Publish Final Rule on Automated Valuation Models and AI That Imposes Obligations on Secondary Market Issuers,...

On June 6, 2024 federal regulators published a final rule addressing Quality Control Standards for Automated Valuation Models. This was a collaborative rulemaking effort that included regulators from the Office of the...more

Levenfeld Pearlstein, LLC

Should We ‘Second’ That? A ‘Top Ten’ Due Diligence Checklist for the Litigation Finance Secondaries Market

Given the recent growth of the secondaries market in the litigation finance space, Secondary Investors should consider how to best approach their review of potential transactions. In addition to the economics of a given...more

Stikeman Elliott LLP

Ontario’s Top Court Affirms Evidentiary Principles on Motions for Leave to Commence a Secondary Market Misrepresentation Action

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In Drywall Acoustic Lathing and Insulation (Pension Fund, Local 675) v. Barrick Gold Corporation, 2024 ONCA 105, the Ontario Court of Appeal affirmed the lower court’s decision denying in part the motion for leave to commence...more

Adler Pollock & Sheehan P.C.

Do Your Assets Include Unregistered Securities? This Asset Class Requires Special Planning

When it comes to estate planning, addressing all your assets should be a priority. However, certain assets require greater attention than others. For example, if your assets include unregistered securities, such as restricted...more

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