Secondary Transactions

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Buyers and sellers in the secondary market benefit from Ropes & Gray’s extensive experience across a broad range of transactions.

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Overview

Ropes & Gray provides knowledgeable, field-tested advice with respect to secondary transactions. We have extensive experience representing both buyers and sellers of fund interests on the secondary market.  

We have represented clients in a variety of secondary transactions, including “plain-vanilla” sales of specific fund interests, sales of an entire portfolio of fund interests, partial sales of fund interests, and structured secondaries in which the parties negotiate a customized set of terms pursuant to which the “buyer” provides current or future liquidity to the “seller.”

By virtue of the sheer volume of transactions that we have completed on behalf of our clients, we have well-developed forms for key transaction documents, close working relationships with secondary brokers and a keen understanding of the most efficient way in which to obtain consent to transfers from fund sponsors.  

We are able to use this reservoir of experience and knowledge to advise clients on what terms are market, and to help them negotiate and close secondary transactions in a prompt, practical and cost-efficient manner.

Experience

Here is a snapshot of our representative secondary transaction experience: 

Year

Buy-side
Deals

Aggregate Value

Sell-side
Deals

Aggregate Value

2015

18

$1.668 billion

18

$2.675 billion

2014

27

$5.196 billion

12

$1.792 billion

2013

7

$534 million

4

$39 million

2012

13

$697 million

22

$682 million

2011

14

$840 million

15

$1.030 billion

2010

33

$652 million

40

$1.798 billion

2009

22

$347 million

56

$761 million

2008

9

$1.772 billion

9

$343 million

2007

13

$945 million

2

$114 million

2006

8

$1.328 billion

1

$61 million

Total

164

$13.978 billion

179

$9.295 billion