Achievements in Secondaries
Years of Sector Experience
Successful Transactions
+
Secondary Transactions
$
1
billion
Investors and Strategic Partners
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Private Equity Secondaries & Externalisation Advisory
Breslin advises on private equity secondaries, portfolio sales and externalisation of non-core assets. We support corporates, limited partners, general partners and direct investors that need liquidity, portfolio rebalancing or strategic separation of assets that no longer fit core priorities.
Secondary transactions are now a mainstream portfolio management tool. For investors, they can provide liquidity, concentration management and exposure rebalancing. For corporates, externalisation can unlock value from non-core subsidiaries, projects, technologies or venture holdings by placing them with buyers better positioned to fund, develop or commercialise them.
What we advise on
- Secondary portfolio sale support for LP portfolios, direct company stakes and mixed portfolios
- Externalisation advisory for non-core projects, pipelines, technologies, subsidiaries and strategic holdings
- Investment case development and portfolio positioning
- Buyer universe mapping across financial and strategic acquirers
- Due diligence pack preparation and process coordination
- Auction design, outreach, offer comparison and negotiation support
- Transaction structuring through to signing and closing
Who we advise
We advise LPs seeking liquidity, GPs assessing structured secondary routes, corporates reviewing non-core assets, banks and family offices with direct or fund positions, and boards evaluating strategic ownership changes.
Breslin’s secondaries work is particularly relevant where transactions require both financial execution and sector fluency
How our process works
- Preparation
We assess the asset base, transaction perimeter, documentation readiness, marketability and valuation parameters. This stage includes portfolio review, positioning logic, diligence planning and target-buyer segmentation.
- Market testing
We approach selected buyers confidentially with non-confidential information, validate interest, refine valuation expectations and test the strength of the equity story in live dialogue.
- Execution
We manage confidential data flow, support diligence, coordinate management interactions, compare offers and help negotiate key transaction terms, transfer mechanics and legal structure.
- Completion
We support signing, escrow and transfer steps through to completion, while helping clients manage timing, process risk and stakeholder communication.
Why Breslin
Breslin combines hands-on secondary execution with sector-specialist insight. That matters in portfolios containing technically complex assets, venture-backed positions, healthcare companies or strategic corporate interests that cannot be marketed effectively through a generic intermediary-led process.
Our team has experience across portfolio disposals, private equity secondary processes, non-core asset sales and strategic repositioning mandates in Europe and the US. We bring a discreet process, cross-border buyer reach and a practical understanding of how to package technically sophisticated assets for institutional and strategic counterparties.
Case Studies
UBS – Secondary transaction support
Supported market testing and a secondary transaction for a private equity LP portfolio, with a well-coordinated process and proactive buyer access.
Bayer – Portfolio realignment and secondary transactions
Advised on multiple secondary and non-core portfolio assignments involving biotech, medtech, cleantech and life sciences assets.
AO Foundation – Medical device portfolio disposal
Acted as exclusive advisor, placement and transaction manager on the disposal of a medical device investment portfolio.
LP-led and GP-led secondaries
Private equity secondaries transactions generally fall into two core categories: LP-led and GP-led solutions, each serving distinct strategic objectives for investors and fund managers.
LP-led secondaries involve the sale of existing fund interests by limited partners seeking liquidity, portfolio rebalancing, or strategic repositioning. These transactions require careful pricing, buyer targeting, and process management to optimise outcomes while maintaining discretion.
GP-led secondaries are initiated by general partners and typically include continuation vehicles, fund restructurings, or single-asset transactions. These processes are more complex, requiring alignment between existing and new investors, robust valuation frameworks, and transparent governance structures.
At Breslin, we advise across both transaction types, supporting clients through structuring, investor engagement, and execution to achieve efficient and value-maximising outcomes in the secondary market.
Frequently Asked Questions
What is a secondary transaction in private equity?
A secondary transaction is the sale of an existing private market interest, such as a fund position, direct company stake or 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 business wants to simplify its portfolio, or there is a strategic need to focus management time and R&D resources on higher-priority programmes.
What does externalisation mean in a corporate context?
Externalisation refers to moving a non-core internal project, technology, business unit or asset into an external ownership or partnership structure so it can be funded, developed or commercialised more effectively.
Can 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, externalisation or portfolio realignment process with Breslin.