Viewpoints by Paul Sanabria, at Manulife Investment Management
Paul joined Manulife Investment Management in 2019 as global co-head of secondaries. Along with Jeff Hammer, Paul leads the global secondaries business focused on general partner-led and special situation transactions, and partners with private equity, private credit, and secondary fund sponsors. Previously, he was co-head of Houlihan Lokey’s illiquid financial assets practice, a unit he co-founded and built into the leading investment group focused on customized transactions for holders of illiquid securities. Prior to that role, Paul was a senior managing director at Bear Stearns, where he acquired and led the private funds group responsible for originating new third-party fundraising mandates. In addition, he founded and co-led the private equity fund and secondary investing unit. Earlier, he co-founded BDC Financial, a firm that provided customized private equity investment management and advisory services to institutional and high-net-worth investors.
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The keys to success in GP-led secondaries deals
What are the ingredients of a successful GP-led secondaries deal? Paul Sanabria believes in a sound framework that thoroughly analyzes the assets, sponsors, alignment, and secondary deal dynamics—and that the devil lies in the details.
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Private equity secondaries are meeting the moment
Calling all liquidity providers: carpe diem. Private equity secondaries now represent a buying opportunity that hasn’t been seen in nearly a generation.
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4 reasons GP-led secondaries are here to stay
Were GP-led secondaries a function of a buoyant economy and abnormally low interest rates or do they represent a true private market innovation that will survive the downturn and continue to play a role in the future?
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GP-led secondaries and continuation vehicles: myths and realities
Continuation vehicles—instruments for implementing GP-led secondaries—remain a misunderstood market innovation, and we address some of the most prevailing myths.
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