Buyouts Interviews Trey Muldrow on Secondary Sales of PE Portfolios
Akin Gump corporate partner Trey Muldrow was interviewed by Buyouts magazine for its “Need to Meet” feature to discuss his approach to secondary sales of aging private equity portfolios. Muldrow had led the Akin Gump team on behalf of client Vision Capital and its partners in a groundbreaking transaction to acquire private equity fund Willis Stein & Co., which was approaching the end of its term but still held valuable portfolio investments.
Muldrow contrasts the traditional replacement of a passive investor with a new buyer who will similarly not be actively involved in asset management with the new style of secondary sales and buyers, noting, “In the new transactions, you have other private equity specialists coming into it. If you want to take control of an entire fund, you want to know what’s going on with the underlying portfolio companies.”
He also noted that “each of these transactions right now is bespoke,” in reference to the fact that a standard model or approach has not yet arisen for these transactions as they continue to evolve.
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