Secondary markets offer sellers of private company securities, structured products and or long-term typically illiquid private partnerships access to much-coveted liquidity or freedom from capital commitments. Secondary markets also offer buyers access to these investments at a significant value and discounted price. In current economic conditions, it’s no surprise that secondary market activity is growing and continually becoming more dynamic.
This Forum will deliver a comprehensive assessment of the global secondary market for institutional investors and an in-depth analysis of secondary transactions. It is a must-attend event for all who want an edge in developing an effective portfolio management strategy that leverages secondary market transactions or is exploring an opportunistic strategy leveraging secondaries.
For additional information on the program, please contact:
Rachelle Young
+1 646 723 8018
rachelle.young@worldrg.com
To be considered for one of the limited number of speaking roles for secondary fund managers and service providers, please contact:
David Capobianco
+1 781 939 2635
David.Capobianco@worldcongress.com
Secondaries Demystified – A Primer for Sellers
March 13 9 am - 11:30 am
The secondary market is no longer about the hunt for liquidity. Growing in popularity among strategic investors, secondaries not only offer an excellent opportunity for portfolio reallocation and management but also for opportunistic plays. This course delivers the critical details of the secondary transaction process, including preparing for market, assessing potential buyers and pricing / valuations. Highly interactive in format, this is an excellent opportunity to ask your most pressing questions and clarify any ambiguities without the pressure of commercial parties in the room.
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The Secondary Market: current conditions and transaction alternatives
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Understanding the legal requirements and avoiding the legal pitfalls
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Step by step analysis of the secondary sale process
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Portfolio management through strategic secondary transactions
Instituional Investors may attend the entire Investing in Secondaries conference for FREE. To assess if you're qualified and to reserve your space, email Rachelle Young at rachelle.young@worldcongress.com
Creating Win-Win Secondaries Deals – A Buy-Side Primer
- The most efficient structures for direct secondaries transactions: holding company or self-winding GP/ LP fund structure?
- How do deal with information disclosure issues? What legal framework applies?
- Assessing the value and growth prospects of underlying portfolio companies
- Anticipating an underlying portfolio company’s management team intentions and effciently dealing with their potential interference
Tackling the Valuation Challenge
- Wide bid:ask spreads set to change?
- Short and long term outlook for discounts
- How buyers and sellers should interpret fair value estimates
Tax / Legal Considerations for the Buy-Side and Sell-Side
- Limitation on losses allowed
- Disguised sales rules
- Often overlooked general tax rules for partnerships and limited liability companies that are a major secondaries market tax concern
- Minimizing the impact of cash flow profiles
- Assuring compliance with existing securities laws
- Key negotiation points: purchase price, purchase & sale agreement, indemnification, transfer provisions
- The latest in tax and regulatory transfer restrictions: domestic and international
