Winston & Strawn Sponsors the Private Markets Secondaries Meeting East

Winston was proud to sponsor the Private Markets Secondaries Meeting East. This meeting brought together leading senior institutional investors and secondaries investment professionals and explored the latest trends and transactional opportunities in the secondary market.

Justin Levy, private equity partner, moderated the “The New Era of GP-led Transactions” panel. Along with notable fund managers, he discussed the growth of syndications for continuation vehicles and dedicated CV funds as well as effective strategies for using leverage.

Key Takeaways

• Continuation Vehicle (CV) activity continues to grow year-over-year, with deal volume reaching all-time highs.
• LPs have become increasingly comfortable with these transactions, as GP-leds are now seen as a strategic tool rather than an “exit of last resort.”
• There has been a rise in dedicated CV funds, driven in part by growing interest in single-asset “trophy” GP-led deals.
• An uptick in lower middle-market transactions has become a hallmark of this new era, as more mid-market GPs are using CVs strategically.
• CV investors believe that smaller vehicles offer stronger return potential, better GP alignment, and more flexible exit opportunities.
• The panel concluded with a bullish outlook for this segment in both the near and long term.