Secondaries

Structural changes and the rise of artificial intelligence have created a more intricate secondaries framework, says Thomas Roche Toussaint, head of PE secondaries and co-investments at UBS Asset Management.

Specialist underwriting and a focus on the mid-market are shaping the next phase of secondaries’ development, say Dan Wieder and Yash Gupta, managing directors at H.I.G. Capital.

Being able to offer scale and draw on cross-asset class relationships is vital in the fast-growing secondaries market, say Pantheon’s Andrea Echberg, Rakesh Jain and Amyn Hassanally.

Secondaries specialists are vying to capture the continuation investment opportunity in the lower mid-market, says Christiaan van der Kam, head of secondary investments, private equity at Schroders Capital.

Secondaries are evolving from a problem-solving backstop into a strategic tool for LPs navigating liquidity constraints and portfolio complexity.

In secondaries, scale doesn’t necessarily impact the nature of the companies you buy – but it can provide a powerful competitive advantage when it comes to transacting on large LP portfolios, says Michael Skelly, a partner at Lexington Partners.

The update to ILPA's original advice released three years ago addresses potential gaps where market practices have moved along.

Evercore and HEC Paris’s fifth continuation vehicle performance study found that top-performing CVs tend to best their buyout peers.

The rapid growth of the secondaries market has led to suggestions that it could see transaction volumes of $500bn – or even $1trn – by 2030. Just four years out from this deadline, are such predictions realistic?