¡Desconecta con la aplicación Player FM !
Liquidity Crunch Fuels $100Bn Secondary Market: Here's What You Need To Know
Manage episode 430637874 series 2925261
"Secondaries are just deals with a discount?" Think again.
In this episode, we explore how the secondary market has surged to a staggering $100 billion in transaction volume, driven by the pressing need for liquidity. Featuring Martin Fleischer, Principal of Coller Capital, and Ku Kay-Mok, Senior Partner at Gobi Partners, we talked about the explosive growth of continuation vehicles and the challenges general partners (GPs) face in navigating this dynamic market.
Tune in now as we unravel the complexities of the secondary market, its great opportunities, and the strategic moves that can make or break investment portfolios in these volatile times.
TIMESTAMPS / KEY TAKEAWAYS
0:00 - Intro
02:04 - Introduction: Martin Fleischer, Coller Capital & Ku Kay-Mok, Gobi Partners
04:20 - What really is the secondaries opportunity? The 100bn secondaries transaction volume driven by liquidity
06:18 - Structures for LPs and GPs in secondaries; the market growth of continuation vehicles
08:41 - Challenges for GPs in secondaries: pricing and carry split
10:20 - “I think we are the necessity in this market; people want liquidity for various reasons”; CV as the third exit route for GPs
12:50 - GP’s view: structuring exits; “theme is important for VC”; being strategic with co-investors and building liquidity
15:17 - “Be patient if you don't want to sell”; price drop in consumer space and outdated valuations
17:09 - Discount premium, implied valuation multiples, patient capital, and plans to drive returns
19:51 - “The secondary market will become more and more specialized”; “the biggest constraint is capital”
22:41 - Advice for LPs building base in the Nordics; re-industrialization and opportunities in global south
-
Arctic15 LP Summit 2024
PANEL: Secondaries & Exits for This Venture Cycle
Martin Fleischer - Principal, Coller Capital
Ku Kay-Mok - Senior Partner, Gobi Partners
Moderator: Sarah Chen-Spellings - Co-Founder & Managing Partner, Beyond The Billion
-
PODCAST INFO:
Podcast website: https://billiondollarmoves.com
Watch on Youtube: https://tinyurl.com/sarahchenglobal
Join the community: https://sarah-chen.ck.page/billiondollarmoves
FOLLOW SARAH:
LinkedIn: https://linkedin.com/in/sarahchenglobal
Instagram: https://instagram.com/sarahchenglobal
Twitter: https://twitter.com/sarahchenglobal
128 episodios
Liquidity Crunch Fuels $100Bn Secondary Market: Here's What You Need To Know
Billion Dollar Moves™ with Sarah Chen-Spellings | Global Venture Capital
Manage episode 430637874 series 2925261
"Secondaries are just deals with a discount?" Think again.
In this episode, we explore how the secondary market has surged to a staggering $100 billion in transaction volume, driven by the pressing need for liquidity. Featuring Martin Fleischer, Principal of Coller Capital, and Ku Kay-Mok, Senior Partner at Gobi Partners, we talked about the explosive growth of continuation vehicles and the challenges general partners (GPs) face in navigating this dynamic market.
Tune in now as we unravel the complexities of the secondary market, its great opportunities, and the strategic moves that can make or break investment portfolios in these volatile times.
TIMESTAMPS / KEY TAKEAWAYS
0:00 - Intro
02:04 - Introduction: Martin Fleischer, Coller Capital & Ku Kay-Mok, Gobi Partners
04:20 - What really is the secondaries opportunity? The 100bn secondaries transaction volume driven by liquidity
06:18 - Structures for LPs and GPs in secondaries; the market growth of continuation vehicles
08:41 - Challenges for GPs in secondaries: pricing and carry split
10:20 - “I think we are the necessity in this market; people want liquidity for various reasons”; CV as the third exit route for GPs
12:50 - GP’s view: structuring exits; “theme is important for VC”; being strategic with co-investors and building liquidity
15:17 - “Be patient if you don't want to sell”; price drop in consumer space and outdated valuations
17:09 - Discount premium, implied valuation multiples, patient capital, and plans to drive returns
19:51 - “The secondary market will become more and more specialized”; “the biggest constraint is capital”
22:41 - Advice for LPs building base in the Nordics; re-industrialization and opportunities in global south
-
Arctic15 LP Summit 2024
PANEL: Secondaries & Exits for This Venture Cycle
Martin Fleischer - Principal, Coller Capital
Ku Kay-Mok - Senior Partner, Gobi Partners
Moderator: Sarah Chen-Spellings - Co-Founder & Managing Partner, Beyond The Billion
-
PODCAST INFO:
Podcast website: https://billiondollarmoves.com
Watch on Youtube: https://tinyurl.com/sarahchenglobal
Join the community: https://sarah-chen.ck.page/billiondollarmoves
FOLLOW SARAH:
LinkedIn: https://linkedin.com/in/sarahchenglobal
Instagram: https://instagram.com/sarahchenglobal
Twitter: https://twitter.com/sarahchenglobal
128 episodios
Todos los episodios
×Bienvenido a Player FM!
Player FM está escaneando la web en busca de podcasts de alta calidad para que los disfrutes en este momento. Es la mejor aplicación de podcast y funciona en Android, iPhone y la web. Regístrate para sincronizar suscripciones a través de dispositivos.