Home Investments New Stifel & Eaton Partners Survey Finds Investors

New Stifel & Eaton Partners Survey Finds Investors

by Ozva Admin

ROWAYTON, Conn., Sept. 15, 2022 (GLOBE NEWSWIRE) — A new survey from Stifel Financial Corp. (NYSE: SF) and Eaton Partners, a Stifel company, finds strong appetite for secondary-recap transactions led by GP, as investors increase their dollar allocations in the third and fourth quarters.

The latest Stifel/Eaton Partners GP advisory survey asked 64 global investors about their approach to investing in GP-led secondary transactions. Key findings include:

  • 62% of investors are increasing their allocation of investment dollars to GP-led secondary recap transactions by the end of 2022.
  • 42% of investors are now allocating at least half of their capital invested in current funds for GP-led transactions.
  • Investors ranked technology, healthcare, services and manufacturing as their current top industries of focus. Life Sciences and Energy had the lowest ranking, essentially unchanged from the last survey in May 2022.
  • Opportunities stretch across the globe, with respondents reporting the United States, Europe and Asia as the places of greatest interest, replicating the sentiment of the May survey.
  • More than half (55%) say they actually invested more than $100 million in the first half of 2022, and 11% invested more than $500 million in the same period. This compares with just 36% of investors who expected to invest more than $100 million to work in GP-led high schools in the first half of this year, and only 7% who planned to invest more than $500 million during that period.
  • Respondents were evenly split between single-asset and multi-asset GP-led secondary recap opportunities in the first half of 2022, but strongly favored (68%) multi-asset GP-led secondary recap opportunities for the second half of 2022.
  • In terms of a dedicated versus general capital pool for GP-led secondary recap transactions, investor sentiment remained broadly the same with about a quarter using a dedicated pool in 2H (24%) versus 1H (26%). .
  • Investors once again identified aggressive NAVs, lackluster investment opportunities and unknown GPs as the main issues when underwriting GP-led secondary wrap deals. In fact, more than 90% of respondents believe it will take another quarter or two for NAV brands to adequately capture the downdraft in public and trading peers. Furthermore, in the second half of 2022, investors identified resistance to inflation/recession as another important factor. LP support and industry headwinds were of less concern in both 1H and 2H, with the post-Covid stabilized fill rate also identified as a low concern issue for investors in 2H 2022.
  • As for LP portfolio transactions, 35% of respondents invest the majority of their fund’s capital in LP portfolio transactions, with nearly 65% ​​targeting smaller bite sizes of $100 million or less. Of note, around a third (32%) plan to increase their deployment of investment capital in LP portfolio transactions in 2022 compared to 2021, pointing to the anticipation of a potential balanced buyers/sellers market in the future. second half of 2022.

“Findings from our latest Advisory Survey show that investors continue to increasingly prioritize GP-led secondary wrap transactions this year,” said Peter Martenson, managing director of GP Advisory, Secondary and Direct, Eaton Partners. “Comparing the results of our previous survey, it is clear that investors remain focused and intend to accelerate the allocation of investment dollars to these types of transactions that provide portfolio management tools to general practitioners and provide liquidity options. to limited partners, which is necessary during the current macroeconomic cycle for the private capital markets”.

Providing leading fundraising, advisory and capital solutions capabilities as part of Stifel’s investment banking team, Eaton Partners offers investment managers direct access to Stifel’s broader banking services, including more than 600 professionals in 24 offices. With extensive experience in the secondary products market, Stifel and Eaton together have advised on and executed secondary transactions worth more than $2.5 billion in the last three years.

Click here to see the full results of the survey.

The online survey of the top 64 institutional investors was conducted from August 30, 2022 to September 9, 2022.

About Eaton Partners
Eaton Partners, a Stifel company, is one of the world’s largest equity placement agents and fund advisory firms, having raised more than $130 billion for more than 175 highly differentiated alternative investment funds and offerings. Founded in 1983, Eaton advises and raises institutional capital for investment managers through alternative strategies: private equity, private credit, real assets, real estate, and public market/hedge funds, in both the primary and secondary markets. Eaton Partners maintains offices and operates in North America, Europe and Asia.

Eaton Partners is a division of Stifel, Nicolaus & Company, Incorporated, a member of SIPC and NYSE. Eaton Partners’ subsidiary, Eaton Partners (UK) LLP, is authorized and regulated by the Financial Conduct Authority (FCA). Eaton Partners’ subsidiary, Stifel Hong Kong Limited, doing business as Eaton Partners Hong Kong, is approved as a Type 1 licensed company under the Securities and Futures Commission (SFC) in Hong Kong. Eaton Partners and the Eaton Partners logo are trademarks of Eaton Partners, LLC, a limited liability company. ® Eaton Partners, 2022. For more information, visit

Stifel Company Information
Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, conducting its banking, securities and financial services business through various wholly owned subsidiaries. Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners business division, serves Stifel’s broker-dealer clients in the United States; Keefe, Bruyette & Woods, Inc.; Miller Buckfire & Co., LLC; and Stifel Independent Advisors, LLC. The Company’s brokerage affiliates provide securities brokerage, investment banking, trading, investment advisory and related financial services to individual investors, professional money managers, corporations and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and business lending solutions. Stifel Trust Company, NA and Stifel Trust Company Delaware, NA offer trusts and related services. For more information about Stifel, visit the company’s website at www.stifel.com. For global disclosures, visit

Media contacts
Neil Shapiro, (212) 271-3447
[email protected]

Jeff Preis, (212) 271-3749
[email protected]

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