Secondaries

Evergreen drama could be a result of 'mis-selling' and 'mis-structuring'; one of Australia's biggest LPs gets a new PE head; Mercer prioritises investor liquidity with latest acquisition.

The appointment is part of a wider multi-asset expansion that includes TPG NewQuest's first Japan-based secondaries executive.

The California pension giant with $613bn is demonstrating a near-term performance boost following a heavier emphasis on venture and growth, co-investment and secondaries.

Valuation vaguery could prove a sticking point in PE's 'democratisation'; another GP launches a continuation fund strategy; climate investors target opportunistic 'grey areas'.

Novel and unexpected offers to take assets off a GP's hands will likely rise.

'It's been a tough four years for private equity... and it's why DPI is IRR today – not the new IRR – it is IRR today,' Matthew Roche, partner with StepStone Group said.

The firm is joining a growing number of PE entrants expanding into the secondaries market, affiliate title Secondaries Investor understands.

Private equity generated €19.5bn in exit value in 2025, a 77% increase on the prior year, according to the firm's FY 2025 earnings report.

LPs are taking an increasingly proactive approach to the secondaries market, while CVs will represent 10-20% of PE exits, managing partner Yann Robard said at NEXUS 2026.

Why a former exec's bid for five New Mountain Capital assets fell apart; the economics becoming table stakes for trophy asset CVs; tech specialist Francisco targets a brace of fund closes.