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Benoit-Olivier Boureau

Investment Director
Rothschild Five Arrows Managers

Five Arrows Managers is the Merchant Banking platform of the Rothschild Group, and a leading secondary fund of fund, managing a €260 million fund focused on investing in mid-cap companies in Europe. Benoit-Olivier has been leading Secondary transactions across Europe for the past 11 years, with a particular focus on fund restructurings and team spin-offs.

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Day 2

Tuesday, May 9th, 2017

12:10 INTERVIEW: The rise of PE Fund Restructuring/Recap transactions in Secondaries- An emerging asset class?

The anatomy of a GP-led restructuring transaction (who are the players and how does it work? Role of GP, advisors, LPAC etc);
Why are they so complex and differences from traditional fund portfolio secondaries; How does pricing and the overall risk/reward of these deals differ?
Main challenges/risks to the asset class
What is driving the growing wave of fund restructuring/recap deals (end of life funds, LP liquidity solutions, GP incentives etc)
Is it a fad or is it sustainable?
What type of buyers are emerging and what are implications for LPs and GPs
How should LPs deal with these deals (pitfalls and issues)