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Improving Liquidity: The Future OfPrivate Equity Secondaries

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Executive Summary

Investing in private equity involves the purchase of interests in private equity funds, from investors in those funds, before the expiration date of the funds. Typically, a private equity fund has a 10-year life with two or three one-year extensions at the discretion of the fund's management so that the fund can continue if there are still some portfolio assets left to be managed to exit. During this relatively long period of at least 10 years many developments may lead to some investors wishing to liquidate their positions and sell their private equity fund holdings during the life of a fund.

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