News & Analysis

Fees and expenses survey: Seven key takeaways

Market participants have a keen eye on fees and expenses related to GP-led deals given many LPAs were not drafted with these transactions in mind.

Hong Kong-based Coller principal departs

The former investment principal, who covered secondaries transactions in India, Australia and Southeast Asia, joined the firm in 2011 in London.

Top performing CVs continue to show outperformance over buyout funds – Evercore

Evercore and HEC Paris’s fifth CV performance study includes 396 CVs formed between 2018 and 2024, a significant increase on the 140 funds analysed in the inaugural report.

Future Standard secures ~$3bn for latest flagship

The fund primarily focuses on LP-led deals in the North American mid-market.

Neuberger PE head keen on ‘mid-life solutions’, flags CV concerns

Mid-life investments can offer a solve to generate liquidity and realisations, stepping into the place of CV deals that can be complicated where co-investors have backed an asset, Neuberger’s head of European PE Joana Rocha Scaff says on the latest edition of PEI Group’s Commitment Issues podcast.

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.

LPs fine-tune their use of secondaries

Secondaries are evolving from a problem-solving backstop into a strategic tool for North American LPs navigating liquidity constraints and portfolio complexity.

UK’s Railpen seeks syndicate CV positions to complement primary programme

The pension fund backs single-asset CVs to gain or strengthen relationships with new and existing GPs, investment manager Pravi Prakash tells Secondaries Investor.

Secondaries volume to reach $1trn in the next decade – Seine Capital

Higher interest rates and a better exit environment could both drive activity in the secondaries market, according to a study.

Florida SBA to shift away from LP-leds amid lagging secondaries performance

The $219bn system has seen ‘underwhelming’ performance from its largely LP-led secondaries portfolio, according to senior investment officer John Bradley.