Isabel Dische In Mergermarket on Increasing Specialization in GP-led Secondaries

In a recent Mergermarket article profiling the growing push for specialization and differentiation in GP-led secondaries, Isabel Dische, chair of the alternative asset opportunities group, offered her insights on several facets of an increasingly competitive market.

On continuation vehicles (CV) converging with M&A, she said how much a CV process looks like an M&A deal depends more on the advisers than on the investor. "In my experience, the shape of the documentation is more heavily influenced by which counsel the GP is using," she said. "Are they using a dedicated secondaries team? Are they using M&A counsel? Those factors can have a much bigger impact."

As a result of the competitive landscape, Isabel said, “new entrants and established players are increasingly trying to shorten processes and lock up deals earlier.”