Market sentiment

CL has started to collect data on secondary buyers’ transaction funnels to better understand the success rate individual buyers have at each stage of the process on average. We believe that these figures reflect a higher-than-normal level of bidding as well as a lower-than-usual transaction success rate.
Buyers are predicting a strong rebound in H2, with the vast majority expecting year-end volumes to reach ~$110 billion. This would place volumes 4% higher than in FY 2022, and nearly 60% above the 5-year average volume of $70 billion.
CL believes that a strong rebound will be driven by increased secondary dry powder, continued growth in underlying portfolio NAVs, and further improvement in macroeconomic conditions and public markets, all of which will help to narrow bid-ask spreads.

Please contact us should you have any queries or wish to find out more about Campbell Lutyens’ secondary advisory practice