Secondaries

Tariff turmoil could battle test the resolve of individual investors and their suitability for the burgeoning community of semi-liquid private markets funds.

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Last year saw 70 continuation vehicles close, with scores more hitting the market, according to data gathered by Secondaries Investor.

Continuation vehicles remain useful in end-of-life scenarios, but for mid-life investments, direct secondaries may be a more effective solution, say W Capital’s Todd Miller and David Wachter.

This has led to ever more ambitious returns targets and hotspots forming in certain industries, Lazard data suggests.

Yale's sizeable portfolio sale could spur a number of endowments to follow suit – with programmatic seller Harvard in market alongside it.

As the secondaries market matures, new sources of capital and new applications for existing technology are emerging, say Fried Frank’s Andrew Rearick and Andy Varney.

The expansion of the secondaries market is encouraging private equity firms to develop scalable and flexible back-office operating models, according to RSM’s Scott Reamer and William Andreoni.

The US secondaries market may have notched up record levels of deal activity in 2024, but global trade uncertainty and volatility elsewhere in the markets leave the situation delicately poised.

In this Second Thoughts podcast, Peter Wright, founder of the Diversity in Secondaries Initiative, discusses why he set up the non-profit and notes its key achievements.