Turnover surges as funds rush to exit private equity stakes

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Private equity holdings are being sold at a record clip in an opaque secondary market, investors say, as asset managers cash out to cover losses elsewhere and rebalance portfolios.

The wave of selling is the latest of several signs of stress in private markets and is another signal of investors starting to fall out of love with "alternative assets" that only recently were drawing in cash.

The discounts on offer suggest there is a hurry to get out, and, while total turnover is hard to gauge, because deals are negotiated privately, it is at or near record levels. Others want to deploy their capital elsewhere - a sign that private equity funds are no longer so highly regarded. The need to sell to rebalance can occur when, as this year, private equity funds have outperformed public markets.

U.S. buyout firm Carlyle Group is struggling to hit fund-raising targets, the Financial Times has reported.

 

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