News & Analysis

The secondaries market has been breaking records. In Orlando, PEI Group editors sat down with industry attendees for a series of video interviews to discuss the key trends shaping the market.

Horizon II, a private equity mandate Federated Hermes was awarded by the BT Pension Scheme, has received the LP-interest financing.

The investment bank is the latest adviser to see one of its senior leaders depart as market moves continue in earnest.

Coller Capital’s latest Global Private Capital Barometer also found that over a third of LPs plan to increase their commitments to secondaries over the next 12 months.

Rising dry powder and changing attitudes among LPs trading in the secondaries space have laid the foundation for a more diverse and specialised manager pool.

Jamie Hill and Michelle Cheh are both 10-year veterans of the firm.

The real estate chief, whose firm raised the largest-ever fund targeting the space, said the strategy has ‘blown up’ in the last few years.

The US secondaries market may have notched up record levels of deal activity in 2024, but global trade uncertainty and volatility elsewhere in the markets leave the situation delicately poised.

The $200bn pension now places a greater focus on the CV market, which is less crowded by retail capital, according to senior investment officer John Bradley.

The Paris-headquartered firm deployed $13bn into secondaries and primaries in 2024, with the average transaction size from its $30bn flagship reaching $2bn, according to its annual report.