COVID-19 was a shock for the secondary market. Transaction volumes fell dramatically in Q2 2020, particularly at the larger end of the market where LP portfolio sales stopped completely.
At the small end of the secondary market, activity has bounced back more swiftly than the large end of the market and is now offering more opportunities. Firstly, small sellers such as family offices have been quick to sell positions on the secondary market in order to meet liquidity needs or simply rebalance their portfolios in the aftermath of the first COVID-19 lockdown.
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