Secondary transactions

Macfarlanes is one of a handful of law firms at the forefront of developments in the secondaries market. We have leading practices in private equity M&A, investment funds, fund lending and tax. All of those disciplines are required on the more complicated fund restructurings and liquidity solutions which have contributed to the recent evolution of the secondaries market.

We have acted for many years on the sale and purchase of large portfolios of interests in almost every type of fund – both open-ended and closed, private equity, hedge, debt and many other alternative assets. 

We have acted on some of the largest of the more recent liquidity solution transactions advising buyers, sellers and GPs.  We have structured those transactions to cater for different sources of finance through partnerships or corporate vehicles, tailored for the different tax profiles of individual investors or for individual investors’ varying appetites for gearing. 

We have also advised on transactions involving tender offers to investors in multiples jurisdictions, each subject to a local regulatory regime, and have advised on stapled financing commitments supporting current or new GP led fundraisings as part of a wider secondary solution.


What people are saying


"A source says: 'I'm always impressed with how they translate their technical knowledge into a sensible, commercial solution'."

Chambers UK 2018

"What they do with considerable skill is harness multiple disciplines within the firm - the pensions, property, environmental and regulatory teams all float in and out of the projects on a seamless basis."

Chambers UK 2017

"They always provide a terrific service. They are knowledgeable and attentive."

Chambers UK 2016

"'It's the quality of the service, and they're very flexible as well'."

Chambers UK 2015