Module 10
Exit Strategies & Liquidity
How PE firms exit investments and return capital to LPs through strategic sales, secondary buyouts, IPOs, and modern liquidity tools.
Lessons
Lesson 1
Strategic Sale
Selling to a corporate buyer, competitive auction dynamics, and why strategics pay premiums for synergies
~15 min
Lesson 2
Secondary Buyout
Sponsor-to-sponsor deals, why they happen, and the debate around pass-the-parcel concerns
~15 min
Lesson 3
IPO & Dual-Track Process
Taking portfolio companies public, running parallel sale and IPO tracks, and why IPO exits have declined
~20 min
Lesson 4
Dividend Recapitalization
Generating partial liquidity without selling the company through leveraged dividend payouts
~15 min
Lesson 5
GP-Led Secondaries & Continuation Vehicles
How GPs create continuation funds to extend hold periods and offer LP liquidity options
~20 min
Lesson 6
Exit Timing & DPI Optimization
When to exit, reading market windows, and managing distributions to paid-in capital
~15 min