Commentary

China’s performance paradox: The opportunities and risks for secondaries

The RMB secondaries market has concluded its first full cycle. While there are opportunities to be had, there are risks to be overcome to ensure sought-after returns, writes Nebula Advisors’ Stanley Geng.

Real estate’s decisive adoption

The secondaries market is increasingly used to reconcile competing investor objectives with a broadening base of investors flocking to the asset class. These developments are permanent.

The art of self-governance

There’s reasons on all sides to settle on market practice when it comes to continuation vehicle guidance – lest regulators decide it for you.

Secondaries may have a benchmarking problem

The lack of standardisation when it comes to benchmarking secondaries raises questions about how the strategy should be measured and whether traditional PE benchmarks are a good fit.

Achieving scale in infra secondaries

The sub-asset class has been described as one of the most undercapitalised private market strategies – while estimates for future growth are high, there are structural elements to consider.

Secondaries’ superstars

Secondaries Investor’s Next Gen Leaders list 2026 will provide clues about the future of the market’s growth.

CVs’ about-turn

Some LPs have expressed scepticism around the return potential of LP-led secondaries, while interest in CVs is heating up.

In defence of valuations

Senior execs have been working to spell out why secondaries mark-up practices make sense following public scepticism from peers.

Is UK regulatory scrutiny a competitive disadvantage for secondaries deals?

The real challenge appears operational rather than structural from a geographical standpoint, writes Winston & Strawn’s Yulia Makarova.

The CV blueprint expands

Secondaries Investor’s latest CV deal log shows activity broadening across segments, transaction types and asset classes.