HEC in the Press

Secondaries firms saddle up for a champion year

Financial News Online, 13 January 2014

The make-up of buyers and sellers in secondaries is changing. Much of the regulation-driven sales of alternative assets by banks has already taken place, and pension plans have enjoyed better cash positions than in the worst periods of the crisis, meaning they have less need to sell. As a result of narrow discounts on pricing, every investor has become a potential seller. However, research published in September by HEC Professor Olivier Gottschalq and Dr Bernd Kreuter suggests that deeper discounts do not necessarily lead to better returns. 

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