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"As the US Fed continues to raise interest rates and unrealized value in private equity funds remains historically high, expect a challenging exit environment in 2023," states Laurence Allen, CEO of NYPPEX.
For the first 6 months of 2022, NYPPEX estimates that for buyout funds worldwide, exit value from global IPOs declined over 70% year over year, while sponsor to sponsor/strategic transactions declined over 35%.
Given the current market environment, NYPPEX believes private investment holding periods may lengthen by 2 years or more for many private equity, venture and real estate funds worldwide.
"For general partners to continue to generate distributions to investors, particularly for their 2017 and earlier vintage private equity, venture and real estate funds, we believe SPV JVs will increasingly play an important role," stated Allen.
Benefits of a SPV JV for general partners may include the opportunity to immediately take out cash to make distributions and to participate in the upside of investments.
However, JV deal structures are typically available only to general partners that can contribute at least $50 million of private investments to the SPV.
About NYPPEX Holdings
NYPPEX Holdings is one of the world's leading providers of secondary liquidity and data services for interests in alternative funds. Its clients include alternative investment funds, financial institutions, endowments, foundations, institutional investors, family offices, private clients and their respective advisors worldwide.
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Since 2004, the NYPPEX QMS™ has been formerly recognized by the U.S. Internal Revenue Service as a Qualified Matching Service for private partnerships though a private letter ruling under internal Revenue Code §1.7704. The NYPPEX QMS assists private equity funds meet the requirements of a QMS safe-harbor exemption under IRS §1.7704, which helps ensure regulatory compliance and avoid an adverse taxable event when permitting higher volumes of secondary interest transfers annually.
Its private securities are privately offered to qualified investors through NYPPEX, LLC. NYPPEX is regulated in the U.S. by the SEC and FINRA. Member FINRA, SPIC. https://nyppex.com/
About Laurence G. Allen
Laurence Allen serves as the CEO of NYPPEX Holdings, LLC. Since 1999, he has been a pioneer in the development of secondary markets in private equity funds and private companies.
He has been a speaker at numerous private equity conferences worldwide, including the Institutional Limited Partners Association Spring Conference (Miami), Super Return Middle East Conference (Abu Dhabi), Dow Jones Private Equity Outlook Conference (New York), World Exchange Congress Conference (Barcelona), Private Company Stock Conference (Palo Alto), and Asian Venture Capital & Private Equity Conference (Hong Kong).
Mr. Allen has served on numerous advisory boards including the Wharton School, Bowery Mission and the U.S. Congress Business Council. Prior to founding NYPPEX, Mr. Allen served in various positions with Merrill Lynch where he helped pioneer the development of secondary markets for commercial and residential mortgages. At Bear Stearns, he helped develop the secondary markets for private debt placements. Mr. Allen received a BS in Economics and MBA in Finance from the Wharton School at the University of Pennsylvania. https://laurenceallen.com/
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Disclosure: This information is market commentary by NYPPEX and is not a solicitation of private securities transactions which may only be done through private offering documents and in jurisdictions where permitted. Investors should not rely on the information in this commentary as the basis for making investment decisions. This commentary is provided for informational purposes only. You are strongly encouraged to consult with your own independent advisors regarding any issues discussed in this commentary.
Private placements are illiquid, speculative and investors may lose their entire investment.
For more information, please visit www.nyppex.com or contact [email protected] or by phone at +1 (914) 305 2801 in the United States, +41 43 508 7280 in Europe or +65 3158 1383 in Asia.
SOURCE NYPPEX Private Holdings
Filed Under: Business
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