30
Apr
Hot topic: The growth of private equity secondaries
With traditional exit routes still proving challenging due to macro uncertainties, private equity secondaries, in particular GP-led secondaries and continuation vehicles, have grown from strength to strength in recent years, as LPs search alternative sources of liquidity. Our panel of secondaries experts will take stock of the growing LP and GP secondary market in the US, and touch upon fundraising and changing dynamics as more mainstream PE players enter the space.
- What is fueling the growth in GP-led secondaries in the US?
- How can secondary buyers continue to take advantage of market volatility?
- Will fundraising for secondaries funds continue to reach new highs in 2024?
- As more private equity players embrace the market, what are some challenges to be aware of, and how is the industry changing?
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SpeakersJennie Benza Investment Manager, Private Markets GE INVESTMENT MANAGEMENT CORP
Cari Lodge Managing Director, Head of Secondaries CF PRIVATE EQUITY
Darren O'Brien Managing Director CAMPBELL LUTYENS
Paul Sanabria Senior Managing Director and Global Co-Head of Secondaries MANULIFE INVESTMENT MANAGEMENT
Christiaan van der Kam Head of Private Equity Secondaries SCHRODERS CAPITAL
Tom Cane Funds Editor MERGERMARKET
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Ms. Benza serves as Investment Manager for the GE Investment Management Corp focused on the private markets. She previously worked for Abbott Capital, where she was most recently a Principal and a member of the Investment Committee. Before joining Abbott, she was a Vice President with DLJ Merchant Banking Partners, an Associate with THL Partners, and a Mergers & Acquisitions Analyst with Merrill Lynch. Ms. Benza received a B.S. in Finance & Accounting from NYU Stern and an MBA from the Harvard Business School.
Cari Lodge is Head of Secondaries, a member of the Investment Committee and Senior Executive Group of CF Private Equity. She oversees the origination, evaluation, structuring and negotiation of secondaries transactions as well as the portfolio construction, monitoring and fundraising of the firm’s secondary funds. Additionally, Cari contributes to the firm’s buyout, growth equity, venture capital, and real assets and sustainability strategies. Cari has over 23 years of secondaries experience and has closed over 375 secondary transactions for approximately $2.8 billion in total exposure. She began her career at Donaldson, Lufkin and Jenrette (which merged with Credit Suisse in 2000) as an Associate in Investment Banking. She spent 12 years with Credit Suisse’s Secondary Team, Strategic Partners, since its founding in 2000, and served as a member of the Investment Committee. Prior to joining CF Private Equity, Cari was at Tulane University’s Investment Management Office where she was responsible for overseeing the private equity and private real assets investments for the endowment. She is presently a member of the advisory board of several private equity limited partnerships. Cari is also a member of the Investment Committee of her alma mater, The Hotchkiss School. In 2022, she was recognized by PEI as one of the top ten women of influence in private markets. Cari received an A.B. from Dartmouth College in both Economics and Government and an M.B.A. from Columbia Business School.
Darren joined Campbell Lutyens in 2021 and is a member of the secondary advisory team. Prior to joining Campbell Lutyens, Darren spent eight years at Origami Capital Partners investing across private assets, most recently as a Partner based in Chicago. Darren previously worked on the investment teams at WL Ross and Brookfield in New York, as an investment banker at Citigroup and an auditor with KPMG. Darren earned his MBA from Yale School of Management, a BBA in Accounting and Finance from Loyola University of Chicago and is a registered CPA in Illinois.
Paul Sanabria is a Senior Managing Director and Global Co-Head of Secondaries at Manulife Investment Management. Mr. Sanabria has more than 25 years of experience in principal investing and investment banking. Prior to Manulife, he was Co-Head of Houlihan Lokey’s Illiquid Financial Assets practice, a unit he co-founded and built into the leading advisory group focused on customized transactions for holders of illiquid securities. Previously, Mr. Sanabria was Senior Managing Director at Bear Sterns Asset Management where he co-led the private equity fund and secondary investing unit. Earlier, Mr. Sanabria was co-founder of BDC Financial Inc., a firm that provided customized private equity investment management and advisory services to institutional and high-net-worth investors, which he sold to Bear Stearns. Mr. Sanabria received a B.S. in Engineering from California State University, Sacramento and an MBA from Harvard University.
Christiaan van der Kam is the head of Schroders Capital’s secondary investment program, responsible for all secondary investment activities globally. Prior to joining Schroders Capital in 2020, Christiaan spent more than 12 years at Unigestion, where he co-lead the global secondary investment program and was responsible for all secondary investments in North America and Asia. Prior to that, he worked at New Amsterdam Capital, a hedge fund based in London, where he provided financial and advisory services to companies. Christiaan started his private equity career at ATP Private Equity from 2001–2006. ATP is the largest pension fund in Denmark and one of the largest private equity investors globally. Christiaan holds a Bachelor of Science in International Business and a Master degree in Applied Economics and Finance from Copenhagen Business School, Denmark.
As Funds Editor, Tom is launching Mergermarket's coverage of private funds in North America, which includes profiles of GPs and LPs, news and insights on funds, and data-driven analysis. Based in Chicago, he has over 15 years' experience in financial journalism, predominantly as an M&A and ECM specialist, as part of the former Acuris, and now ION Analytics. Starting as a reporter in London, Tom covered the financial services and real estate sectors for Dealreporter during the global financial crisis, including a secondment at the Financial Times. He has also been based in Hong Kong and New York, with highlights including launching Mergermarket's coverage of the Asian ECM market, as well as serving as Managing Editor for Mergermarket and Dealreporter in both APAC and the Americas, overseeing large teams of over 50 journalists. Most recently, he served as Chief of Staff to ION Analytics' Chief Content Officer, who he supported in strategic planning, operations and communications.