Secondaries

Some LPs are finding themselves as forced sellers in CVs because of the length of time given in election periods.

In the age of stingy capital and hyper-vigilant fund investors, tangling your LPs in webs of complexity might not be the smoothest move by a GP.

The firm’s secondaries platform crossed the $100bn AUM milestone in the first quarter, president and COO Jonathan Gray said on a Q1 2026 earnings call.

The pension will grant its adviser the discretion to manage its investments in Clearlake Capital Partners, including the ability to liquidate the assets via the secondaries market.

Gavin Ezekowitz, CIO at BFA Global Investors, says the industry must do a better job of managing liquidity events in unlisted funds.

In today's edition, Secondaries is on the up, though friction points remain; What's driving evergreen outperformance; Defence sees a deal deluge.

Cross-fund investments are generally used for single-asset CVs as secondaries investors expect GPs to be 'as much all-in on trophy, crown-jewel assets as they possibly can be,' according to William Blair’s Tom Marking.

In today's edition, Why private markets shouldn't shy away from 'cockroach' claims; PE shops may face more AI upsets than their private credit peers; Debt firms could become more selective with their sponsor lending.

Orchard co-founder Scott Pasquini thinks the continuation vehicle market could grow as much as four times its current size, as GPs look to unshackle themselves from the timeline constraints of closed-end fund structures, he tells Buyouts.