News about Netley

Netley Capital’s team, Caspar Berendsen, Álvaro Rosado and Robert Perry recently shared their perspective with Private Equity International on why investors are increasingly turning to tertiary transactions as part of their private markets portfolio management strategies.

In the article, they assert that:
"Tertiary investments are the inevitable result of a structural challenge due to the 30-year rise of secondary markets: how to make long-term capital commitments to secondary funds more liquid without undermining the structure that creates value."

The piece explores the role of sovereign wealth funds and insurers, the distinction between tertiary transactions and GP-led restructurings, and what the emergence of a dedicated tertiary market says about the ongoing maturation of private markets.

Key takeaways from the article include:

• Tertiaries as the next evolution of private markets
  Tertiary transactions extend the same liquidity logic that secondaries introduced to primary private equity, addressing the needs of investors in secondary funds as the market scales.
• A structural, not cyclical, development
  The growth of the tertiary market reflects long-term changes in market structure rather than short-term dislocation, driven by the scale and maturity of the secondary ecosystem.
• LP-led liquidity without fund disruption
  Purpose-built, conflict-free tertiary funds provide liquidity to investors in secondary funds without forcing GP-led restructurings or changes at the fund level.
• Increasing adoption by large institutions
  Sovereign wealth funds, insurers, pension plans and family offices are using tertiary transactions as part of regular portfolio management, not as distressed exits.
• A small but expanding opportunity set
  While still early in its development, the tertiary market is estimated at around $20bn today, with significant potential for growth as institutional participation increases.

PEI subscribers can read the full article

Netley Capital (“Netley”), a private investment firm specialising in private equity tertiary transactions, has announced that Robert Perry is joining as Co-Founder and Partner.

Netley Capital (“Netley”), a private investment firm, today announced the successful completion of its first tertiary transaction. Netley also announces that Alvaro Rosado is joining as Co-Founder and Partner.

Netley Capital (“Netley”), a private investment firm, today announced the launch of the Netley Capital Tertiaries franchise with $315 million in committed, deployable capital. This is the private equity industry’s first pool of capital dedicated to buying secondaries stakes in secondaries funds.