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


"Their detailed drafting and commerciality is excellent,’ a client reports, adding: ‘They're a very trusted pair of hands and a pleasure to work with’."

Chambers UK 2020

"They're really flexible, cerebral and high quality. It's a broad offering and I enjoy working with them,’ another source says."

Chambers UK 2020

"The technical expertise of the lawyers (particularly at the senior end) is a real differentiating feature. The group offers high-quality legal advice and has a tenacious desire to combine legal know-how with the achievement of the client's commercial objectives’."

The UK Legal 500 2019

"The depth and breadth of experience within the wider private equity practice ensures partners have deep market knowledge, and senior team members are prepared to form an opinion and state it (something which is not always the case with other service providers)’."

The UK Legal 500 2019

"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