Commentary

Next Gen alumni on the future of GP-led secondaries

From CVs on CVs to greater specialisation, secondaries professionals who have previously featured on our rising stars list share their insights on the market’s evolution.

The next round of uncertainty – ‘a headwind and a tailwind’

As the secondaries market braces itself for the next round of macroeconomic uncertainty, there is a playbook based on previous choppy markets.

Secondaries’ 2026 blueprint

From increased LP selling to a new normal for CVs, here are some of the events that attendees at PEI Group’s NEXUS 2026 conference expect to see in the secondaries market this year.

The Nexus of secondaries 2026

We’ll hear the latest on the market’s innovation, capitalisation, tailwinds and headwinds at PEI Group’s Nexus 2026.

Schroders gets pickier on venture secondaries

Pricing on VC secondaries is less attractive now, says Schroders Capital venture chief Steven Yang.

VCs mull the relative attractions of IPOs and secondaries

Will we finally see a wave of IPOs this year, or will VC GPs have to turn to the secondaries market to deliver liquidity to their investors?

GPs should listen to the LP-led secondaries market signal

Holding on to laggard assets may conflict with the core objective of PE: maximising time-weighted returns for LPs, writes Adam Spence, of Partners Capital.

The return of the zombie fund

Pressures in private equity continued in 2025, with fundraising dipping by 17% year on year in 2025.

Netley on why investors are increasingly turning to the tertiary market

Sovereign funds and insurers are using third-time-round fund stake transactions as part of their portfolio management processes, write Caspar Berendsen, Álvaro Rosado and Robert Perry.

This isn’t a story about winners and losers

Private markets participants have hypothesised that the GP-led market will shrink when the M&A market picks up. That didn’t happen in 2025.