Setter Capital reports $22bn volumes in secondary market

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The Setter Capital Volume Report – H1 2014, which covers the secondary market for private equity, real estate, infrastructure and hedge funds for the first half of the year, has reported volumes of $22bn in H1.

Setter Capital, the investment adviser on alternative investments, pointed out that alternatives secondary market volumes increased by 47% since last year.

“This report provides a unique vantage point into the secondary market given how sprawling and decentralized the market is and how much of the volume is still privately negotiated.   We delved into areas such as which institutions were the biggest sellers, how much of the market is intermediated, geographic breakdown of the market, total number of transactions, changes in buyers’ investment focus, expectations for FY 2014 and the breakdown of volume by asset class and by type (i.e. directs vs. funds),” the company said.

The data within the report was extrapolated from a 14 question survey in which 81 of the top 126 secondary buyers (87 secondary funds, 33 funds of funds, 12 hedge funds of funds/secondary funds, 12 investment consultants, two pensions and one insurance company) participated.  These 81 buyers alone transacted on $14.3 billion of secondaries across the spectrum of alternatives in the first half of 2014.   Given the high participation rate of the buyer community and the defined methodology, we are confident this report gives the reader the most accurate portrayal of the vibrant and growing secondary market.

Volume broken down:

  • Private Equity: $16bn :  11.3bn for funds, and $4.6bn for directs
  • Real Estate Funds: $3bn
  • Hedge Funds: $2.2bn
  • Infrastructure Funds: $0.5bn


Over 50% of total volume was of North American focused funds, and Western European funds accounted for 31% of total volume.

Click here to read full report.



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