Commentary

The growth spurt of CVs is far from over

With more players and larger funds, the secondaries market is seeing a lot of CVs north of $1bn. The long-term growth of sizeable deals requires significant backing.

A bountiful feast in secondaries’ smaller deal market

Despite a growing number of new entrants, buyers aren’t concerned about increased competition in this abundant part of the market. How long can this last?

LPs are right to be worried about the ‘Uber-isation’ of private markets

Retail capital focuses on liquidity and consistently high returns – factors that don’t always found the basis of a long-term partnership in private markets.

Will CVs become evergreen capital’s next battleground?

While some investors recognise the benefits of evergreen funds participating in GP-led deals, others view the space as a ‘wild west’ that requires greater discipline.

Private markets’ burgeoning capital concentration challenge

By appealing to retail and large institutional investors, mega-managers may end up with the lion’s share of capital, with implications for themselves and their investors, writes Cambridge Associates’ Andrea Auerbach.

Real estate secondaries is becoming a crossover play

As StepStone and Greykite’s €1.5bn recapitalisation shows, some of the most compelling deal opportunities are coming from non-real estate sponsors.

Secondaries becoming an ‘all weather’ strategy – RCP Advisors

The small buyout specialist’s latest secondaries vehicle surpassed its $1bn target and will invest in both LP- and GP-leds.

How 2025 set a full-year fundraising record in just nine months

Investor enthusiasm for secondaries is no secret, and it has manifested in some eye-popping fundraising figures.

Introducing Secondaries Investor’s Global Market Survey

Secondaries Investor launches its inaugural Global Market Survey to map the market, its drivers and the changing nature of the asset class.

The GP stakes secondaries stop-gap

While there is growing demand for liquidity in the GP stakes market, significant structural barriers keep capital locked up.