Adviser

Average LP-led pricing held constant in 2025 despite Liberation Day dislocation – Campbell Lutyens

LP-led volume saw a 54% year-on-year increase in 2025, reaching $121bn as LPs traded a wider mix of fund quality and accepted larger discounts, a report shows.

Secondaries volume smashes predictions to reach $226bn in 2025 – Evercore

While fundraising continues to skyrocket, the amount of dry powder available has remained ‘fairly flat’, and more capital is needed for the market to keep pace with demand, Evercore’s Nigel Dawn tells Secondaries Investor.

2026: Yet another record year for secondaries volume?

Secondaries professionals share their insights into what they believe will continue to drive market activity in the New Year.

‘GP-leds could outpace LP-leds’ – Monument’s Christine Patrinos

The placement agent’s co-lead for secondaries tells affiliate title Buyouts that she also expects more mid-market GPs to raise funds targeting investment in continuation vehicles.

Secondaries Investor’s top five Second Thoughts episodes

Podcasts covering the rapid growth of the credit secondaries market, the fledgling GP stakes secondaries market, and the expansion of private wealth capital were among our most listened to episodes in 2025.

Bullish managers expect to utilise GP-leds more in the coming years – DC Advisory

The GP-led market is predicted to reach about $93bn in total volume this year, according to a report.

Houlihan Lokey’s co-head of GP-led advisory departs for Lazard

Sameer Shamsi will continue his focus on GP-led secondaries advisory at Lazard, Secondaries Investor understands.

PJT MD Ayesha Hussain departs

Other recent moves at PJT include the exit of a principal to Bank of America, and the hire of a senior investment professional from NYCRS as a director.

UBS taps Jefferies for GP-led hire – updated

The hire comes after the global investment bank appointed a new Europe-based professional to lead its EMEA business earlier this year.

Moelis hires two from Rothschild amid ongoing advisory build-out

The investment bank has hired an executive director and vice-president, both based in London, Secondaries Investor has learned.