Commentary

CVs continue to divide LP opinion

While some investors are still shunning continuation vehicles amid concerns over lack of both alignment and transparency, others feel that now is a great time to consider them.

Why Europe’s GP-led market is on a tear

An explosion of hefty – and, in some cases, repeat – continuation fund processes underscores the increasing maturation of Europe’s secondaries landscape.

The market’s back on track for $200bn

The secondaries market has remained red-hot. While the area is not without its hurdles, uncertainty in the first half once again reinforced its worth.

Coller Capital’s Schad: Large-scale adoption of credit CVs is on the horizon

The firm recently closed its latest credit secondaries programme on $6.8bn, including its credit evergreen offering for US investors.

Beware the ‘bear traps’ in VC continuation funds

While secondaries are set to be transformational for the venture capital industry, managers in the market face a steep learning curve.

Following the cool kids – semi-liquids’ impact on secondaries

From private wealth capital to higher bids, to LP-GP alignment, evergreen products are making their mark on the market.

What surprised secondaries advisers in 2024?

Advisers encountered several pleasant surprises in 2024 – contributing to momentum that many expect to carry through the rest of this year.

A big, beautiful mess

The Trump administration’s OBBBA was expected to induce once-in-a-lifetime secondaries opportunities. However, heavy taxes on foreign investors may now be off the cards.

Private shares exchanges won’t solve PE’s liquidity woes

Exchange platforms must contend with a multitude of alternative liquidity paths for holders of private company stakes.

Antares’ Kosters: ‘The direction of travel is clear’ for credit secondaries

After several $1bn-plus GP-led credit deals were closed last year, Antares Capital’s head of credit secondaries Olga Kosters expects several more to close in 2025 as GP interest grows.