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The Journal of Alternative Investments

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Primary Article

Opportunities and Challenges in Secondaries

Investing in the Secondary Market for Private Equity

Geoffrey G. Clark and J. Christopher Kojima
The Journal of Alternative Investments Summer 2003, 6 (1) 74-86; DOI: https://doi.org/10.3905/jai.2003.319084
Geoffrey G. Clark
A managing director in the Private Equity Group of Goldman, Sachs & Co.
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  • For correspondence: geoff.clark@gs.com
J. Christopher Kojima
A managing director in the Private Equity Group of Goldman, Sachs & Co.
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  • For correspondence: chris.kojima@gs.com
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Abstract

The secondary market for private equity has evolved significantly in recent years. Investors in secondary funds, sellers seeking early liquidity on their investments, and existing and prospective portfolio managers have all sharpened their focus on this segment of the asset class. Near-term and long-term factors are driving an everincreasing demand for liquidity from current investors—for both traditional limited partnership interests as well as “synthetic secondary” situations, involving portfolios of direct company investments. Existing buyers and new entrants are attempting to address this demand by expanding their presence in the market. However, the very inefficiencies which make the secondary market an attractive opportunity can conspire to produce uneconomic or unwise investment decisions for investors unfamiliar with its challenges, particularly in volatile financial markets and unpredictable geopolitical environments. This article discusses these challenges and opportunities.

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The Journal of Alternative Investments
Vol. 6, Issue 1
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Opportunities and Challenges in Secondaries
Geoffrey G. Clark, J. Christopher Kojima
The Journal of Alternative Investments Jun 2003, 6 (1) 74-86; DOI: 10.3905/jai.2003.319084

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Opportunities and Challenges in Secondaries
Geoffrey G. Clark, J. Christopher Kojima
The Journal of Alternative Investments Jun 2003, 6 (1) 74-86; DOI: 10.3905/jai.2003.319084
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