Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a summary of a detailed note available to paid subscribers.
Last week, Evercore reported that private secondary transactions, whereby a limited partnership interest in an existing private fund is sold or a portfolio company is transferred into a continuation fund, providing cash for some limited partners, increased to 226 billion dollars, a record. Disappointing distributions from funds combined with investors’ need for liquidity have led limited partners to embrace Wall Street’s old adage, “the hell with the cheese, let me out of the trap.”
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