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European secondary market players

by Antonia Lee

  • 26 Jan 2012
  • PE

While markets remain volatile the secondary market continues to attract interest from investors on a global scale. Europe-based institutions currently represent 48% of all investors Preqin is tracking that are looking to sell off private equity or real estate fund stakes on the secondary market. The majority of which (34%) are based in the UK. Switzerland and Germany follow shortly behind making up 21% and 17% of all European sellers, respectively.  One European institution known to have recently taken part in a secondary market sale is Finansieringsinstituttet for Industri og Handvaerk. The Danish bank is reported to have sold the majority of its private equity assets to Coller Capital. The sale is believed to be worth €100 million and includes a number of Nordic buyout funds.

On the secondary market buy side, again Europe-based investors make up a significant proportion (45%) of institutions looking to purchase secondary stakes in private equity or real estate funds. The breakdown per country is very similar to those looking to sell, as 31% of buyers are UK-based, 24% are located in Switzerland and a further 17% in Germany.  One European investor which has recently expressed an interest for secondary market exposure is Tapiola General Mutual Insurance Company. The Finnish insurance company is interested in gaining additional exposure to real estate funds via the secondary market over the course of 2012, and has a particular interest for European vehicles utilizing debt and possibly core, value added and opportunistic strategies.

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