Brokers Tullet Prebon have launched a new trading platform aimed at LPs that it hopes will makes transactions in the booming secondaries market more transparent, and easier to arrange and settle.
TP-AIME (Tullett Prebon Alternative Investments Matching Engine) provides pricing details and matches potential trading partners for private equity, hedge fund and real estate fund interests.
TP-AIME enables LPs to engage in secondaries trading on an ongoing basis and can also be used for auction processes and one-off liquidity events arranged by GPs. Data available includes both live prices and indicative trading ranges and is provided via Tullet Prebon’s alternative investments teams in London, New York, Dubai and Hong Kong.
Suchita Nayar, North America head of alternative investments at Tullett Prebon, said: “We are pleased that numerous GPs have already signed up to run auction events, or to offer continuous liquidity to their clients via the screen.”
According to placement agent Cebile Capital, total secondaries transaction values rose to a record high of approximately $40bn (€35.5bn) worldwide in 2014, while the total raised for secondaries funds grew to approximately $60bn.