Summary
This document is a Secondary Market Report for the year 2023, prepared by Lazard. It outlines the performance and trends observed in the secondary market, highlighting a significant increase in deal flow and volumes, particularly in the second half of 2023. The report notes that the secondary market achieved an estimated aggregate deal volume of approximately $109 billion, marking the second highest annual tally recorded. It discusses the dynamics of both GP-led and LP-led transactions, emphasizing the shift in investor focus towards high-quality assets and the narrowing of bid-ask spreads. The report also presents expectations for continued growth into 2024, driven by persistent liquidity needs among institutional investors amidst a challenging M&A and IPO environment. Additionally, it details the factors influencing market behavior, including pricing improvements and increased interest in various asset classes. The document concludes with an optimistic outlook for the secondary market's evolution and the innovative liquidity solutions it offers to investors.
