How private equity secondaries evolved from niche distressed assets to essential tools for sophisticated institutional portfolios.
It’s another coming-of-age story on Capital Decanted. In this case, since Dayton Carr conceived the space in 1984, we’ve seen private capital secondaries morph from a niche set of distressed-limited-partner selling transactions to an asset management and liquidity tool of more than $600B, utilized by the most sophisticated LPs and GPs in the world and now devoid of the original stigma that plagued these activities.
We’ll examine the winding and explosive history of their beginnings and then tackle the state and progression of today’s market with partners from the two largest secondaries funds on record.
Chartered Alternative Investment Analyst Association
CAIA Association is a global network of forward-thinking investment professionals, redefining the future of capital allocation in a world where traditional and alternative investments are converging at an unprecedented pace. United by a commitment to improving investment outcomes, we lead with authority, educate to inspire, and connect people who turn insight into action. CAIA Association creates dynamic and captivating learning experiences designed to engage investment professionals at every level. Its programs – the CAIA Charter and the CAIA.nxt™ platform – offer critical levels of access to a comprehensive curriculum that equips the investment community with the skills and knowledge needed to build modern portfolios. CAIA Association is a global member-driven community of more than 14,000 professionals, united by a shared commitment to improving investment outcomes and building a more aligned, principled capital market system.
Global Head of Blackstone Strategic Partners
Verdun S. Perry is the Global Head of Blackstone Strategic Partners (“Strategic Partners”), one of the world’s largest secondary fund managers. Since 2000, Strategic Partners has been one of the market’s most prolific investors, having completed over 2,250 transactions focused on the purchase of private equity limited partnership interests and co-investments in leveraged buyout, real estate, venture capital, and infrastructure assets. Mr. Perry joined Strategic Partners when it was founded in 2000 and chairs the investment committee for each of Strategic Partners’ funds. Mr. Perry is the Vice Chairman of Sponsors for Educational Opportunity (SEO), an organization focused on narrowing the opportunity gap for minority high school and college students, as well as increasing diversity in the financial services industry. Mr. Perry also serves on the boards of Morehouse College, where he is a member of the Financial Sustainability Committee, the Partnership for Education Advancement, the New York Police & Fire Widows' & Children's Benefit Fund, and is the Chairman of the Blackstone Charitable Foundation. Mr. Perry founded Blackstone’s Diverse Professionals Network (“DPN”) in 2014 and chaired the network for its first six years. Mr. Perry was a member of the David Rockefeller Fellows Class of 2016. In 2021, Mr. Perry was selected as a Fellow of the fifth class of the Finance Leaders Fellowship Program and a member of the Aspen Global Leadership Network. Before joining Strategic Partners, Mr. Perry was with Donaldson, Lufkin & Jenrette and Bozell, Jacobs, Kenyon, and Eckhardt, Inc. Mr. Perry also worked in the Investment Banking Division at Morgan Stanley. Mr. Perry received a B.A. in Business Administration, magna cum laude, from Morehouse College in 1994, where he was elected Phi Beta Kappa, and an M.B.A. from Harvard Business School in 2000, where he was a Robert Toigo Foundation Fellow.
Partner at Lexington Partners
Taylor Robinson is a Partner on the Secondary Team, primarily focused on the origination, evaluation, and execution of secondary opportunities, including partnership and GP-led transactions. He is also a member of Lexington’s ESG Steering Committee. Taylor joined Lexington as an Associate in 2008 from J.P. Morgan, where he was an Analyst in Investment Banking. He graduated from Trinity College with a B.A. in Economic Public Policy and Law.
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