Services · 01
Secondaries and externalisation.
Breslin advises on private equity secondaries, portfolio sales and the externalisation of non core assets. We support corporates, limited partners, general partners and direct investors who need liquidity, portfolio rebalancing or a clean separation of assets that no longer fit core priorities.
Context
Secondary transactions are now a mainstream portfolio management tool.
For investors they provide liquidity, concentration management and exposure rebalancing. For corporates, externalisation can release value from non core subsidiaries, projects, technologies or venture holdings by placing them with owners better positioned to fund and develop them. Breslin’s work is most relevant where a transaction requires both financial execution and sector fluency: portfolios with technically complex assets, venture backed positions or healthcare companies that a generic process would undersell.
What we advise on
Process
Selling an LP interest: how the process works.
Preparation
Assessment of the asset base, transaction perimeter, documentation readiness, marketability and valuation parameters.
Market testing
Confidential approach to selected buyers with non confidential information, validating interest and refining valuation expectations in live dialogue.
Execution
Managed data flow, diligence support, coordination of management interactions, offer comparison and negotiation of key terms and transfer mechanics.
Completion
Signing, escrow and transfer steps through to completion, with timing, process risk and stakeholder communication managed throughout.
Selected mandates
Case studies.
UBS
Market testing and secondary transaction support for a private equity LP portfolio, with a coordinated process and proactive buyer access.
Bayer
Multiple secondary and non core portfolio assignments involving biotech, medtech, cleantech and life sciences assets.
AO Foundation
Exclusive advisor, placement and transaction manager on the disposal of a medical device investment portfolio.
Questions we hear
Frequently asked.
What is a secondary transaction in private equity?
The sale of an existing private market interest, such as a fund position, a direct company stake or a portfolio of assets, from one holder to another.
When should a company consider a portfolio sale?
Typically when capital is tied up in non core assets, the portfolio needs simplifying, or management time and R&D resources should concentrate on higher priority programmes.
What does externalisation mean here?
Moving a non core internal project, technology, business unit or asset into an external ownership or partnership structure so it can be funded and developed more effectively.
Does Breslin support cross border transactions?
Yes. Breslin operates internationally and supports mandates involving European, UK and US counterparties.
Start a secondary or externalisation process.
Discuss a secondary, an externalisation or a portfolio realignment with a partner, in confidence.