Secondaries Investor’s Second Thoughts

Private credit secondaries has the potential to surpass private equity in deal volume over the longer term as more secondaries investors pursue yield and diversification amid market volatility.

Over the past year, several billion-dollar-plus deals have emerged in the credit secondaries space, including Coller Capital's recent acquisition of a $1.6 billion portfolio from American National and TPG Angelo Gordon's $1.5 billion continu...

Within private markets asset classes, there is certainly further room for improvement when it comes to diversity of talent – and one secondaries professional is taking matters into his own hands.

Diversity in Secondaries Initiative (DISI) is a non-profit organisation focused on creating a more collective environment within the secondaries market for people of colour. Primarily, it seeks to find more opportunities to mentor, train a...

Delights and gripes relating to the continuation fund market were shared at PEI Group's NEXUS 2025 conference. A critical question was raised: do LPs need to take a more proactive approach to secondaries?

In one of the panels, Jeremy Coller, founder of Coller Capital, encouraged LPs to do just that – proactively manage their exposure as more GPs mull CVs for assets they want to hold longer regardless of their 'limited' status. For ...

This episode is sponsored by Evercore, Davis Polk and Dawson Partners

The secondaries market sits at a crossroads. Never before have LPs been presented with such an array of different liquidity offerings to back. There are specialised secondaries funds focusing on healthcare, on impact investing, on real assets in Asia or on acquiring direct minority equity stakes in companies in India. There are funds focusing on writing large che...

How does your compensation this year compare with that of your peers?

In this episode, Secondaries Investor editor Madeleine Farman sits down with Kylie Hart, co-founder and Partner at global executive search firm Norgay Partners.

From her vantage point as an expert in private equity secondaries recruitment, Hart gives an overview of market compensation on both the buy-side and the sell-side following a record year for secondaries ...

The secondaries market saw another record year for deal volume, with advisory reports pinning the overall figures somewhere between $152 billion and $165 billion.

In this episode, Secondaries Investor editor Madeleine Farman, senior reporter Hannah Zhang and reporter Silas Sloan dig into advisory reports. They walk through key themes that emerged, including the rising impact of evergreen capital and its effects on deal activity to ...

Australian superannuation fund Aware Super is heading towards its private markets allocation targets after a period of build-up and growth.

The fund, which manages around $110 billion on behalf of nurses and teachers, launched its first office outside of Australia in 2023, putting boots on the ground in London.

Damien Webb, the superfund’s deputy chief investment officer and head of international, sat down with PEI senior editor Ad...

The secondaries market is bullish that 2025 will be another record year for secondaries market activity. Regionally, North America is set to continue its dominance in dealmaking, Europe is expected to throw up interesting opportunities that offer portfolio diversification, and increasing manager sophistication could lead to more GP-led opportunities in APAC.

In this episode, Secondaries Investor's Adam Le, Madeleine Farman and Sila...

It's common to peel back the onion on key events and trends seen across financial markets. As the secondaries market heads for what is predicted to be a record-setting year for volume, we decided to practice the phrase quite literally.

Madeleine Farman, senior reporter and host of the Second Thoughts, and senior editor Adam Le are joined by Carlo Pirzio-Biroli, head of CVC Secondary Partners, and Ted Cardos, co-head of Kirkland &am...

The opportunity set for the tail-end secondaries market has grown from $198 billion 10 years ago to $916 billion today, according to estimates from legacy specialist Hollyport Capital.

In this episode, John Carter, managing partner and chief executive of Hollyport, and Etienne Deshormes, managing partner and CEO of private markets adviser Elm Capital, join senior reporter Madeleine Farman for a discussion on the topic.

The three di...

The lack of human capital has become one of the biggest challenges in the secondaries industry – a situation that could change as the sector gains appeal among young professionals.

In this episode of Secondaries Investor's Second Thoughts podcast, we're joined by three young achievers who made it on the NextGen Leaders of Secondaries: Class of 2024 list, which features the most impressive secondaries professionals aged under 36. Th...

Do you work collaboratively with potential partners to help shape a deal, or do you have a set notion of what type of transaction you want to be a part of from the outset? Is EQ as important to you as IQ? How big a role does ego play in preventing deals from being consummated?

In part two of our discussion with AlpInvest Partners managing director Louis Choy, PJT Partners‘ European head of private capital solutions Johanna Lottmann...

A secondaries buyer, adviser and lawyer walk into a room. This isn't the start of a bad joke – it's the culmination of an idea Secondaries Investor had after moderating a panel at an alternatives conference with AlpInvest Partners managing director Louis Choy, PJT Partners' European head of private capital solutions Johanna Lottmann and law firm Stephenson Harwood partner and head of private funds Sarah de Ste Croix. Over drinks at...

While many private markets firms are working to leverage generative AI, secondaries investment firm Clipway has put the technology front and centre of its strategy.

The London-headquartered firm counts secondaries veterans Ingmar Vallano, Vincent Gombault and Benoît Verbrugghe and others among its senior investment team. All worked at secondaries giant Ardian.

Since its inception last year, Clipway says it has reviewed close to $54...

This episode first aired on September 5, 2024

The top 50 secondaries investors globally raised $473.8 billion in the five years to the end of 2023, according to this year’s SI 50. That’s a 9 percent increase on last year’s ranking, when $434.5 billion was recorded across a longer counting period of five-and-a-half years.

Ardian took the top spot, raising $49.6 billion across the period, followed closely by Blackstone Strategic Part...

This episode first aired on September 23, 2024 and is sponsored by Kirkland & Ellis, LGT Capital Partners and TPG NewQuest

The Asia-Pacific secondaries market is one of the most fascinating corners of the global secondaries landscape. This region typically never accounts for more than single-digit figures in terms of global deal volume share – yet some of the most innovative transactions have come out of the APAC market over th...

This episode originally aired on July 8, 2024 and is sponsored by UBS Asset Management and Proskauer Rose

The global secondaries market has grown from roughly $47 billion in 2014 to more than $100 billion today. In Europe, fragmentation has led to some significant regional differences. However, it is also clear that many of the trends and dynamics found in the European market are the same as in North America – indeed, some of these...

This episode first aired on June 3, 2024

The private equity industry has been pushing for more gender equality among GPs, LPs and intermediaries over the past decade, and the trend is now taking hold in the secondaries market, where diversity issues have historically received less attention.

In recent years, women across secondaries have been advocating for empowerment movements and forming support groups, including the Women in Se...