Clifford Chance
Liquidity solutions for private funds
11 March 2025
In this update, we describe some of the new developments and trends on the spectrum of liquidity solutions available to managers/ GPs of private closed-ended funds.
In particular, we address: (1) continuation funds and secondaries, (2) NAV financing and (3) asset level financing tools such as margin loans and repos. These alternative liquidity solutions have become increasingly accepted by market participants in recent years. We expect the macro factors that have driven the rise of these alternative liquidity solutions to continue to persist, leading managers and LPs to increasingly utilize this alternative exit technology as a more customary tool in their toolbox.
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