White Papers

The so-called ‘zombie fund’ problem persists and LPs are concerned

Investors expect the number of tail-end vehicles still holding assets to rise amid ongoing liquidity pressures and difficulties in GPs differentiating themselves.

Credit secondaries on track to reach $80bn+ in volume by 2030 – report

A white paper by Carlyle AlpInvest estimates there was $20bn of credit secondaries dry powder at the start of 2026, offering six to nine months of deployment runway at current deal velocity.

CBRE IM: Platform-level real estate secondaries enter the mainstream

Global real estate secondaries transaction volume increased last year, with larger-scale liquidity structures a growing feature of the market, per the manager’s latest research.

Majority of CVs run by mid-market GPs in 2025 equivalent to 50% or more of latest flagship – Lazard

As mid-market sponsors look to hold onto trophy assets and deliver liquidity, they’re turning to larger CVs, with CV-on-CVs also expected to become more prevalent, according to a report.

40% of GPs expect to mull CV in the next two years – Bain study

Over half of GPs said the primary reason for launching a CV was to return capital to existing LPs, according to Bain’s latest report.

Report: UK pensions could sell up to £8bn on secondaries market in the next year

More than 60% of defined benefit pension scheme advisers and trustees expect these pensions to utilise the secondaries market to sell illiquid assets, according to a report from MeltX and Mallowstreet.

More than a quarter of single-family offices plan to increase secondaries exposure – JPMorgan

Around two-thirds of the over 300 family offices surveyed by JPMorgan have no exposure to secondaries.

Mosaic transactions rose in 2025 amid heightened market volatility – Greenhill

Buyers became more selective and ultimately bid on LP-led deals for GPs and funds they knew best, according to Greenhill’s Bernhard Engelien.

Private credit secondaries could reach $80bn by 2030

Private credit is one of the fastest-growing segments in the secondaries market, reaching at least $20bn in deal volume last year.

Managers increasingly look to fill secondaries gaps with GP acquisitions – Campbell Lutyens

As more high-profile secondaries managers get snapped up, there is a ‘scarcity value’ in the strategy, managing director Hannah Gore-Randall tells Secondaries Investor.