Hunting for 2x / 25% IRR in the Secondary Market

Like the GFC before it, the current market crisis has created a rich seam of opportunities in the secondary market, particularly in GP-led transactions at the smaller end.

Supply from nimble and opportunistic sellers, as well as a strong flow of GP-led/structured opportunities to give liquidity to LPs and to support existing portfolios, have appeared much sooner than anticipated.

So how can investors gain exposure to the best opportunities, what valuations are achievable and under what terms? What are the risks and how can investors best manage them?