Limited Partners

Secondaries’ next iteration: market capitalisation in 2026 and beyond

In this edition of Secondaries Investor’s Second Thoughts podcast, Evercore’s global head of private capital advisory Nigel Dawn discusses the outlook for activity in 2026 and the key trends shaping the capitalisation of the market over the longer term.

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.

LPs expanding into more diverse infra secondaries strategies

Narrow discounts mean infrastructure remains a first port of call for secondaries sellers.

MassPRIM to expand secondaries capabilities in 2026

The $123bn pension system’s latest ambitions follow the creation of a GP-led-focused investment role in 2024.

Lexington and Partners Group among buyers on CalPERS’ latest LP-led sale

The original size of the portfolio CalPERS brought to the market is understood to be between $2.3bn and $3bn.

LPs wary of GP partnerships aimed at tapping private wealth

A majority of LPs are concerned about the ‘influence’ retail-oriented partnerships could have on the strategies of GPs, a Coller Capital survey found.

ILPA template aims to cut CV deal hassles

The new questionnaire asks GPs to disclose details including transaction terms and asset returns.

DOWNLOAD: Non-US LPs gain ground among largest secondaries investors in 2025

While the list of the largest known LP commitments remains dominated by US-based investors, it also reflects a growing presence of non-US institutions from Asia and the UK.

Will the total portfolio approach reshape the secondaries market?

Under the TPA an LP’s selling decision is more likely to be driven by opportunistic considerations, rather than breaches of asset allocation targets.