Private Equity International’s Secondaries Special

Reinventing continuation funds

Whenever a market swells, it is inevitable that some growing pains will appear. For the secondaries market, which is on track for a record-breaking year, those issues are related to continuation funds. According to Evercore’s H1 2024 Secondary Market Review, such funds accounted for 43 percent of the $72 billion of deal volume seen in the first half – and yet, not all market participants are satisfied with how they operate. In our 2024 secondaries special, we speak to a host of investors to find out how they think continuation funds could be improved upon, as well as the other changes they would like to see in a growing secondaries market.

Also in this report, we reveal the results of the Secondaries Investor 50 ranking of the largest secondaries fundraisers, uncover the latest young secondaries talent to make this year’s Next Gen 10 list, and delve into how secondaries funds perform compared with their buyouts counterparts.

The future of LP secondaries

The disruptive power of artificial intelligence is a topic on everybody’s minds. In our 2023 secondaries special, we look at how the generative technology can be used to drive change in the secondaries market – particularly through the streamlining and standardising of trading processes. Experts who Private Equity International spoke to for this report suggest that significant changes to the way the market operates could be on the horizon. “This is the first time in 10 years I’ve seen this level of innovation,” said one managing director. A partner added: “An increasing pace of adoption is what’s happening right now.”

We also disclose the results of the Secondaries Investor 50, our annual ranking of the top 50 biggest secondaries fundraisers, and reveal the winners of this year’s Next Gen 10 list of the most impressive young talent in the secondaries market.

Finding alignment in secondaries

Alignment is a critical issue for LPs, GPs and secondaries buyers alike in today’s shaky fundraising environment. In our 2022 secondaries special, we look at how market participants can ensure their business isn’t slowed down by complex agendas or operational gridlock.

Further, we recognise the 50 biggest capital raisers of the past five years in the SI 50 ranking, and also celebrate the brightest young talents in the secondaries market with our Next Gen 10 leaders list.

Special report: Risk in secondaries

Secondaries is a segment of private markets that has evolved more quickly than any other in recent years.

Investor appetite for both secondaries funds and engaging in the secondaries market continues to grow. But beneath the surface lie hidden risks that investors need to be aware of – as we identify in our special report. We also run down the young people driving that evolution and where the capital in the sector is going.