Where Does Competitive Edge Exist In the Secondary Market?

Key Takeaways

• Competitive edge still exists in an evolving secondary market, dependent on a buyer’s positioning and access
• The benefits of an existing primary platform and associated relationships are difficult to replicate and provide select buyers potential access and diligence advantages
• Recent volatility and continued uncertainty are expected to favor targeted secondary buyers who have a bias towards quality and returns driven by fundamentals
• Small- and mid-market funds possess attractive characteristics for secondary buyers that we believe should persist
• Mid-sized secondary buyers are operating in an undercapitalized sub-segment of an already undercapitalized market, resulting in attractive competitive dynamics

This information is not investment advice or an offer or sale of any security or investment product or investment advice. Offerings are made only pursuant to a private offering memorandum containing important information. Statements are made as of the date of this release, and there is no implication that the information contained herein is correct as of any time subsequent to such date. References herein to specific sectors, strategies, or investments are not to be considered a recommendation or solicitation for any such sector, strategy, or investment. Past performance is not a guarantee of future results. Projections or forward-looking statements contained in the Paper are only estimates and there can be no assurance that the results set forth in the projections or the events predicted will be attained, and actual results may be significantly different from the projections. Also, general economic factors, which are not predictable, can have a material impact on the reliability of projections or forward-looking statements. Adams Street Partners, LLC is a US investment adviser governed by applicable US laws, which differ from laws in other jurisdictions.