Secondaries

Secondaries players are chipping away at the number of GPs that wouldn't consider a continuation fund. Plus: The climate capital debate threatens to spill over into the UK. Here's today's brief, for our valued subscribers only.

Lili Wang is evaluating new product strategies across private credit, private equity secondaries and real estate, she tells PEI.

Information inefficiencies within the mid-market offer an abundance of opportunities for those with a differentiated platform, says Shane Feeney, global head of secondaries at Northleaf Capital Partners.

The increased complexity and scale of the secondaries industry has necessitated a more rigorous and tech-supported approach to data management, says Metz Vara, global head of fund of funds and LPs at Aztec Group.

At the midway point of 2025, the secondaries market is experiencing both dynamic shifts and rapid growth. Ropes & Gray partner Isabel Dische asks HarbourVest’s Dominic Goh, Edward Holdsworth and Mike Pugatch for their outlook.

Pricing in real estate secondaries remains challenging, with some assets seeing discounts upwards of 50% of NAV.

Opportunities are continuing to develop across multiple asset classes as the secondaries market matures, says Jonathan Costello, founder and managing partner of Devon Park Advisors.

More capital was raised for secondaries in H1 2025 than during any other first half since the strategy’s inception.

More than half of investors are seeking to buy and sell LP-led positions on the secondaries market.