Guest Commentary: Emerging Market Secondaries Come of Age: An Analysis by Pomona Capital

John Stephens, Managing Director of Pomona Capital, argues that as primary fund commitments in the emerging markets have grown, so have deal flow and the opportunity set within the secondaries market. Pomona Capital is an international private equity firm with approximately US$7 billion in capital commitments since inception. Since 1994, the firm has analyzed over US$225 billion in secondary transactions and purchased US$2.6 billion in secondary interests in over 500 funds with investments in over 5,000 companies.