Private equity

Scale has become a competitive edge in a rapidly expanding secondaries market.

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?

Providence Equity Partners has closed a $1bn+ CV for 365 Retail Markets, a company it acquired nearly six years ago, PEI Secondaries Investor has learned.

Montana Capital Partners’ new head of Middle East secondaries investments joins from Mubadala Capital and previously spent over a decade at Ardian, Secondaries Investor has learned.

The institution is looking to boost its infrastructure exposure and eyeing further opportunities in private equity and real estate secondaries, says founder and CEO Antoine Prudent.

Co-investments and single-asset CVs offer investors ‘greater control’, partner Zach Jackson says.

The GP-led market will become ‘indistinguishable’ from the sponsor-to-sponsor market over the next five years as PE firms seek to gain access to companies via CVs, one 2026 Next Gen Leader says.

Some institutions are expected to lean into equity-based strategies as they seek a new home for 2026 credit allocations.

Churchill, whose parent Nuveen Private Capital received backing from Temasek last year, and the Singaporean investor’s asset management platform Seviora formed the vehicle with collateral spanning PE and private credit, including PE secondaries.

The process comes three years after Onex first moved the tax services provider into a single-asset continuation fund.