22nd January 2024

The New “Flight to Safety”: LP-Led Secondaries

In this inaugural edition of Clipway Insights we examine the major factors influencing the private equity industry in 2024 and beyond, in the context of macroeconomic uncertainty and depressed levels of deal flow and liquidity. We focus on the challenges facing the three traditional pillars of value creation: valuation multiples, leverage and operational improvement. We then outline how the secondaries market will continue to play a key role in generating liquidity for both market participants during this time, with LP-led secondaries providing a “flight to safety” for investors.

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