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Secondary Quote of the Day I: “Things are often popular for the wrong reasons.”

Jerry Newman of Willowridge Partners, a secondary buyer:

This newfound popularity is great. I’d like to think it’s based on my looks, but really it’s a little ridiculous. Interest has been high on both distressed debt and secondaries. The performance of distressed debt has been awful.

Things are often popular for the wrong reasons. Do I think we’re ahead of the curve? Yes. We’re now getting inbound calls of people saying, “Are you raising a fund?” People chase things for the wrong reasons. That being said, we’re all gearing up for when this flood’s going to come. Clearly we’re all expecting good things, but the only way to do that is to get liquidity for investors and that’s not happening yet.