Commentary

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

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.

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

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

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

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

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.

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

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.

Private equity firms are winning over senior buyside talent as they look to make their mark in the secondaries market.